Tax credits to help Habitat for Humanity build 38 homes in Cinci - Cincinnati News, FOX19-WXIX TV

Tax credits to help Habitat for Humanity build 38 homes in Cincinnati

CINCINNATI, OH (FOX19) -

Cincinnati Habitat for Humanity and 10 other Habitat affiliates will share $22 million of New Markets Tax Credits (NMTC) funding to help build 239 homes nationally.

Financing includes more than $6.5 million of NMTC equity from U.S. Bank in partnership with CEI Capital Management LLC (CCML) and Smith NMTC Associates, LLC (Smith NMTC) and sponsorship dollars provided by the Habitat affiliates and various corporate and faith-based organizations and individuals.

In Ohio, Cincinnati Habitat for Humanity will use more than $1.8 million of NMTC financing from CCML of Portland, ME to help build 38 homes ranging in size from 1020 – 2210 square feet. The homes will be built in low-income neighborhoods of Cincinnati, Lockland, North College Hill and Colerain Township where poverty rates are between 25.70% - 54.30% and unemployment is 1.25 - 3.89 times the national average. Construction of 30 homes will be completed by December 2013 with the remainder to be completed over the following four years.

The NMTC program is administered by the U.S. Treasury and is designed to spur new or increased investment into operating businesses and real estate developments located in designated low-income communities. The program raises private investment and leverages public and private funding to provide borrowers like these Habitat affiliates with financing that comes in the form of very favorable rates and below market, flexible terms.

Partnerships like this one orchestrated by Smith NMTC with CCML and Cincinnati Habitat for Humanity, and invested in by U.S. Bank, help Habitat affiliates stretch their fundraising and development dollars, increasing the nonprofit's ability to meet its mission of building decent, affordable housing for hardworking families in need.

Copyright 2012 WXIX. All rights reserved.

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