100% Solar Powered Affordable Housing on Siler Road
With the announcement of an award of $10.4 million in affordable housing funding, the funding for the housing component of Siler Yard is nearly complete with $17 million committed to the project. We are now working to raise the last $750k to become Santa Fe’s first net-zero energy multi-family affordable housing project that will generate 100% of the energy needed through rooftop solar arrays.
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.
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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