Florida

As a small rural community that also has a growing and “urbanizing” community the New Market Tax Credit program opened up capital to invest in affordable housing when other sources were either unattainable or depleted. It is a creative mechanism for allowing nonprofits to utilize tax credits to benefit their local communities. Without this opportunity, Loudon County Habitat for Humanity would have had to finance infrastructure and house construction costs paying tens of thousands of dollars in interest payments. Instead, we were able to serve more families by leveraging the funds gained through the New Market Tax Credit program and the interest saved by not having to borrow.