Investing in Affordable Housing: The Benefits of the State Housing Tax Credit Program
Are you looking for a meaningful way to invest in your community while also receiving tax benefits?
Look no further than the new State Housing Tax Credit Program and Contribution Fund! This innovative program allows taxpayers in Minnesota to invest in housing projects across the state, supporting affordable housing initiatives for all Minnesotans. And now is the perfect time to get involved.
Supporting Housing for All
When you contribute to the State Housing Tax Credit Program and Contribution Fund, you’re not just making a financial investment – you’re investing in the future of your community. Your contribution helps fund affordable housing projects that benefit individuals and families across Minnesota, providing safe and stable homes for those in need.
Investing in Goodhue County Habitat for Humanity
If you’re looking for a specific project to support, consider investing in Goodhue County Habitat for Humanity’s Goodhue Wildcats or Kenyon-Wanamingo Knights High School Build Projects. These projects provide affordable homeownership opportunities while also offering valuable skills training to local students.
To learn more about the State Housing Tax Credit Program and Contribution Fund and how you can get involved, visit mnhousing.gov and search for contribution fund. You can also email questions to statehtc.mhfa@state.mn.us.
Tax Benefits for Contributors
One of the most attractive aspects of this program is the generous tax credit available to contributors. By making a contribution, you may qualify for a state tax credit of 85% of your donation. This means that a $1,000 contribution could result in a tax credit of $850 – a significant benefit for taxpayers.
Who Can Contribute?
Whether you’re an individual taxpayer or a business owner, if you pay Minnesota taxes and meet the eligibility requirements, you can contribute to the program. Contributions must be at least $1,000 and cannot exceed $2 million each tax year, giving donors of all sizes the opportunity to make a meaningful impact.
How Your Contribution Is Used
When you contribute to the State Housing Tax Credit Program and Contribution Fund, your donation goes towards developing and funding affordable housing projects throughout Minnesota. Contributions can be awarded to cities, tribes, developers, nonprofits, public housing authorities, and more, ensuring that your investment has a broad and lasting impact.
Now is the time to invest in affordable housing and make a difference in your community. Together, we can build a brighter future for all Minnesotans!
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