$35,000 in tax credits awarded projects in Lincoln and Friend, Neb.

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$35,000 in tax credits awarded projects in Lincoln and Friend, Neb.

The Nebraska Department of Economic Development (DED) has awarded $35,000 in Community Development Assistance Act (CDAA) tax credits to help establish a credit union and restore an historic opera house.

The Nebraska Department of Economic Development (DED) has awarded $35,000 in Community Development Assistance Act (CDAA) tax credits to help establish a credit union and restore an historic opera house.

Community Development Resources, Inc., will use $10,000 in tax credits to establish the Community Hope Federal Credit Union in a strategic Lincoln location that serves 12 contiguous census areas primarily home to low- and moderate-income wage earners.

The credit union will offer financial literacy counseling and training to members and non-members, as well as check cashing service, share drafts, savings accounts, personal short-term loans, used and new car loans, home equity loans and residential mortgages.

Budget for the total project is $40,000.

Contact Rick Wallace, executive director, Community Development Resources, Inc., at 402-436-2389, or rwallace@cdr-nebraska.org

The Friend Historical Society will use $25,000 in tax credits to retain architectural services, including preliminary design concepts and opinions of cost from which final project design plans and specifications shall be drafted for the renovation and restoration to the theatre as it relates to future plans to host local, regional and national events.

To date, the Friend Historical Society and its partners have invested more than $250,000 to renovate the Warren Building. Nearly 90 percent of structural and cosmetic street-level improvements are completed.

According to the Friend Chamber of Commerce website, the Warren Opera House was the premier place for social gatherings beginning 1885. It served Friend and neighboring communities for 34 years, providing a venue for plays, dances, lectures, political and sporting events, and even a circus. Though abandoned years ago, the theatre still features most of its seats intact and in place, old props displayed on stage, and a curtain that is rolled and stored.

Notable are hundreds of signatures of traveling and local theater troupe actors, and band members inscribed on the wardrobe room walls.

The Yokel family, long-time purveyors of hardware and furniture, donated the building (home of the opera house) to the Society. The Warren Opera House is listed on the National Register of Historic Places and available for touring by appointment.

Budget for the total project is $77,500.

Contact Carey Potter, Friend Historical Society, at 402-730-0276, or cpotsgo@msn.com

The CDAA program that awards tax credits to donors encourages private investors to financially support nonprofit community betterment organizations in an effort to undertake community service and development projects.

The credits represent 40 percent of each contribution, and reduce a contributor’s state income tax burdens. Every dollar contributed to a project results in a $0.40 tax credit return. Donations may be in the form of cash, services, or materials. The minimum eligible contribution for a tax credit is $50.

For information about the CDAA program, contact Jenny Bindrum, CDAA coordinator, at 402-471-6280, or jenny.bindrum@nebraska.gov

Susan Albertus at 800-426-6505, 402-471-3987, or sue.albertus@nebraska.gov