U.S. Department of Treasury awards Habitat for Humanity $23 million to address poverty housing around the United States
WASHINGTON (June 6, 2014) — Habitat for Humanity has been awarded $23 million in federal New Markets Tax Credits issued by the U.S. Treasury Department to address poverty in the nation’s most impoverished communities. As one of 87 organizations to receive these tax credits, Habitat will use the funds to leverage support from the private sector for a wide range of neighborhood improvement projects in partnership with Habitat affiliates around the country.
“Using the $103 million awarded to Habitat for Humanity since the NMTC program began in 2000, 32 local Habitat affiliates provided new or renovated housing for communities in 21 states with the highest levels of poverty and unemployment,” said Jonathan Reckford, CEO of Habitat for Humanity International. “We thank the Treasury Department for increasing our capacity to partner with low-income families looking to become successful homeowners and to revitalize impoverished neighborhoods.”
Run by the Treasury Department’s Community Development Financial Institutions Fund, the NMTC program attracts private capital to low-income communities via a competitive process to award tax credits to organizations with demonstrated local impact. Recognizing that community support increases the likelihood of projects’ long-term success, Habitat for Humanity works with local stakeholders to ensure that investments of NMTC funds align with local priorities.
“NMTC funds allow Habitat to provide affordable homeownership opportunities to those who need them most,” said Christopher Ptomey, director of federal relations. “We are honored to be part of a program that has a profoundly positive impact on neighborhoods and communities across the country.”
About Habitat for Humanity International
Habitat for Humanity International’s vision is a world where everyone has a decent place to live. Anchored by the conviction that housing provides a critical foundation for breaking the cycle of poverty, Habitat has helped more than 4 million people construct, rehabilitate or preserve homes since 1976. Habitat also advocates to improve access to decent and affordable shelter and supports a variety of funding models that enable families with limited resources to make needed improvements on their homes as their time and resources allow. As a nonprofit Christian housing organization, Habitat works in more than 70 countries and welcomes people of all races, religions and nationalities to partner in its mission. To learn more, donate or volunteer visit habitat.org.