Joshua Poitras, Home Improvement and Lead Removal Loan Client
Joshua Poitras, a single father and U.S. veteran, purchased a four-family house in January 2020. “I wanted to provide a safe home for my son, so I inquired about getting some financial help to have the house deleaded.” The house was built in 1860, and the exterior was last painted in 1978. “Loose paint was falling off,” Joshua said. He also wanted to bring his house into compliance, ensuring that the apartments would be lead safe for his current and future tenants.
Joshua contacted the City of Lowell’s Division of Planning and Development to receive information about MassHousing’s “Get the Lead Out Program”. He was referred to Ed Alcantara at the Merrimack Valley Housing Partnership for assistance with his application. “Ed was extremely knowledgeable in explaining the program and putting the paperwork together. I couldn’t have done this without his help,” said Joshua.
Soon after his lead removal application was started, COVID-19 pandemic restrictions and closures began. However, the project kept moving forward despite the new challenges presented by the pandemic. Once the City of Lowell’s Department of Planning and Development completed the scope of work, the project was put out to bid.
Joshua was then referred to Steve Maguire, MCCI Loan Officer. Joshua was approved for two loans: a lead removal loan and a home improvement loan. The lead removal loan required a 0% down payment, and no monthly payments. The loan is paid back upon the sale or refinance of the house. The structural repairs were done with a second low-interest home improvement loan. “Steve Maguire of MCCI did a great job on the lending side,” said Joshua.
David Foss and Sons, LLC, was the deleading contractor. They sided the house with vinyl, wrapped the windows with aluminum, and de-leaded the interiors. “David was detailed, thorough, and kept the historical character of the woodwork.” said Joshua.
In addition to having a beautiful lead-safe home, Joshua gets a tax credit of $1,500 per unit. “I have a lead-safe home and don’t have to worry about anyone being poisoned,” Joshua said.
Massachusetts businesses and donors could benefit from $375,000 in state tax credits recently awarded to Nectar Community Investments.
The credits give donors a 50% break on their state taxes for contributions to Nectar, a community development financial institution that assists small-business owners and homeowners with guidance and capital.
The nonprofit works in Massachusetts communities where there’s usually not much access to either.
In a news release Tuesday, Nectar said it received the maximum award under the Community Investment Tax Credit Program of the Massachusetts Executive Office of Housing and Livable Communities.
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Small Business Loan Officer Kristin Wallace recently served on a panel at the City of Lawrence’s Capital Access event, where she connected with local small business owners, startups and aspiring entrepreneurs about how Nectar’s products can support their growth. We caught up with Kristin after the event to hear her perspective on the challenges that small businesses face in accessing capital and what resources are available to them here in Massachusetts.
For small businesses looking to grow, what are some of the biggest barriers in accessing capital?
Many of the entrepreneurs we serve face systemic barriers that go far beyond credit history or collateral. Racism, language access challenges, immigration status, gender bias, and limited access to fair and affordable financial products all contribute to persistent funding gaps. Capable, experienced business owners in historically disinvested communities are often denied capital because traditional financial systems were not designed with their experiences or realities in mind. As a result, entrepreneurs of color, women business owners, and low-income entrepreneurs are frequently underfunded — not because they are underprepared, but because the system itself is not equitable.
What is Nectar doing to overcome those barriers?
Nectar is committed to reimagining how capital flows to historically disinvested communities. We …
Nectar Community Investments, a community development financial institution (CDFI) and community development corporation (CDC), has received $375,000 in tax credits from the Massachusetts Executive Office of Housing and Livable Communities Community Investment Tax Credit (CITC) program. Nectar received the maximum award, which incentivizes donors with a 50 percent refundable state tax credit to support the organization’s work of providing capital, advisory services and other assistance to small business owners and homeowners.
“We’re grateful to the Healey-Driscoll Administration for this impactful award, which recognizes the integral role that CDCs like Nectar play in building generational wealth in Massachusetts,” said Nectar Executive Director Glynn Lloyd. “As we continue in our mission to grow the assets and wealth of underserved communities, we encourage donors across the Commonwealth to take advantage of this win-win opportunity: earning state tax credits while investing in economic mobility, climate resilience and more.”
Since its launch in 2012, the CITC program has been a flexible, unrestricted and integral source of funding for CDCs and civil society organizations (CSO), promoting local innovation and long-term impact. At Nectar, CITC contributions seed new programs and drive innovations, support ongoing programs and operations, fill funding gaps, and leverage other resources. Donors receive a 50 percent …
