The Nebraska Department of Economic Development (DED) has awarded $25,000 in Community Development Assistance Act (CDAA) tax credits to support Habitat for Humanity of Gage County’s fundraising project.
Habitat for Humanity of Gage County has been an affiliated charter of Habitat for Humanity International since 1999. The organization serves at least one family per year by undertaking one of the following activities: building a new home, rehabilitating, repairing or weatherizing an existing home, or recycling home materials. During the past 15 years, the Gage County affiliate has served more than 20 families. The ongoing fundraising project serves to eliminate substandard housing and provide more affordable housing. The total estimated annual program budget is $204,450.
CDAA was created in 1985 by the Nebraska Legislature to encourage businesses to financially support community betterment organizations in their efforts to implement community service and development projects in chronic economically distressed areas. CDAA enables DED to distribute a 40 percent state tax credit to businesses, corporations, insurance firms, financial institutions, or individuals that make eligible contributions of cash, services or materials to approved community betterment projects. Every dollar contributed to a project results in a $0.40 tax credit return, thus reducing the individual’s or firm’s state tax liability.
Projects that qualify for the tax credit program include: employment training, human and medical services, physical facility and neighborhood development, recreational and educational activities, and crime prevention.