100% Solar Powered Affordable Housing on Siler Road
The Siler Yard ACC is raising $750K to become Santa Fe’s first net-zero energy multi-family affordable housing project. It will generate 100% of the energy needed for the development through rooftop solar arrays. Utility scale solar panels will offset the entire energy consumption of the 65 units of housing.
The project will also be cutting-edge water efficient with lowest use fixtures and innovative storm water harvesting. This combined with sustainable landscaping will ensure the lowest possible water consumption.Eliminating utilities’ costs strengthen our application for Federal Low Income Housing Tax Credits, the project’s main funding source.
The project is eligible for NM State Affordable Housing Tax Credits, which can provide $.50/dollar credit for charitable contributions that can be applied to state tax liability.
There will be no obligation if Low Income Housing Tax Credits are not secured in the 2019 allocation announced in June.
Current Commitments: $356,500 (we’re almost halfway there!)
To be Raised: $393,500
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For more information on sponsorship, contact Sara Magaletta at email@example.com
NEW MEXICO STATE AFFORDABLE HOUSING TAX CREDIT
In addition to the federal tax credit, donations to affordable housing projects are eligible to receive a state tax credit through New Mexico’s Affordable Housing Tax Credit program, the aim of which is to encourage private investment in affordable housing.
The program is available to any eligible individual, business, and local or tribal government that donates to a qualified affordable housing development. State tax credits provide a direct savings on income taxes, gross receipts taxes (GRT) and compensating taxes (excluding local option GRT imposed by a municipality or county or the government GRT).
BENEFITS FOR DONORS
o donated back to the project
TIMING OF BENEFITS
To be eligible for NM State Tax Credits, the Siler Yard project must first secure its award of federal subsidy in June of 2019. Once secured, the project will apply for state tax credits and we anticipate the first tax credit vouchers to be issued in summer of 2019.
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