Today, on World Habitat Day, we’re highlighting many of the Habitat for Humanity projects financed by the New Markets Tax Credit. The credit has supported thousands of affordable, single-family houses – often in areas recovering from disasters.
The Housing Partnership Network Uses $40M in NMTC to close the gap between community development and affordable homes
In late 2016, the Housing Partnership Network (HPN) received $40M in NMTC to invest in revitalizing neighborhoods overrun with vacant and foreclosed properties. In a program known for its awardees’ focus on community, commercial and manufacturing facilities, HPN’s approach is less common. Developed in close partnership with Smith NMTC Associates, LLC, it aims to bring to light the importance of homeownership in reviving the economies of struggling communities, also known as new or weak markets, throughout the US.
Habitat of Boston, Paterson, NJ, and Coastal Fairfield, CT
Citi and Habitat for Humanity International have provided New Markets Tax Credit financing for three Habitat affiliates in Boston, Paterson, N.J., and Coastal Fairfield County, Conn. Over the next seven years, these Habitat affiliates will use the funding to collectively build and sell more than 30 homes to low-income families while providing them with financial education and support.
Cincinnati Habitat for Humanity to build 38 homes with tax credits
Cincinnati Habitat for Humanity is one of 11 Habitat affiliates that will share $22 million in New Markets Tax Credits funding to help build 239 homes.