New Long Term funding explained
New Long Term funding explainedYou may have seen the recent Courier article that talked about additional funding Iowa Heartland will receive over the next 9 years, totaling almost $2 million. This figure is not accurate.
5 Iowa Habitat for Humanity affiliates applied for these New Market Tax Credits (NMTC). Iowa Heartland Habitat for Humanity will receive $266,000. That money will be used for purchasing property and to help build houses already planned. It will not be used in place of donated dollars or grant dollars that we will continue to seek. We are glad to be a designated entity for community development and this will help our goals, however we want to be clear that we did not receive millions of dollars and are operating on the same budget set forth by our board of directors.
NMTC was started in 2000 with the goal of attracting new investment capital to disadvantaged communities. Investors who want to participate in providing capital receive Federal tax credits over a 7 year period.
We are still in need of fulfilling our donation needs and our wish list. We appreciate your continued support of affordable housing right here in your neighborhood.
Please call me if you have any questions. thank you!
Linda Morgan, Executive Director
