MISSOULA — The
is at the moment beneath building and when accomplished, will serve at-risk populations. However with no federal tax credit score program, the brand new facility may by no means have gotten off the bottom.
Building is constant on the brand new household housing middle and home violence shelter thanks partially to a federal program referred to as the
, which was the ultimate piece to financing this nice challenge.
“New Markets Tax Credit is a federal tax credit score, US treasury and the IRS oversee it. And it’s meant to incentivize growth in low earnings areas throughout the US. To this point, in Montana alone,
has financed $330 million price of latest market tax credit tasks,” MoFi President Dave Glaser defined.
MoFi takes these new market tax credit and sells them to traders, creating money property these tasks can then use, “with out the tax credit score financing quite a lot of the tasks more often than not wouldn’t transfer ahead in any respect,” Glaser stated.
“Our challenge wouldn’t have occurred with out the New Market Tax Credit. It offered essential funding and allowed us to interrupt floor on time., and full this challenge by this time subsequent 12 months,” Missoula YWCA Government Director Cindy Weese informed MTN Information.
She added that tasks just like the Meadowlark facility are necessary to serving to a few of Missoula’s in danger populations.
“It’s actually necessary for us to begin this challenge as quickly as potential as a result of we’ve got homeless households who’re on a ready record proper now for housing. And the longer it takes to construct this new facility, the longer they may wait.”
The tax credit score program is a software to assist fund group tasks, however its longevity may by in query.
“At present this tax credit score program must be prolonged and senators Tester and Daines each actually assist this program and have for a very long time,” Glaser stated. However finally, we want congress to maneuver ahead and prolong it once more.”
The New Market Tax Credit score program helped fund $12 million for the brand new YWCA facility.
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