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Carlsbad Housing Project Awarded State Tax Credits

Carlsbad Mental Health Center Mi Casa, LLC (CMHC Mi Casa LLC) has recently been awarded $390,000 in tax credits from the New Mexico Mortgage Finance Authority’s Affordable Housing Tax Credit Program.

 
PRLog - Nov. 16, 2010 - Carlsbad Mental Health Center Mi Casa, LLC (CMHC Mi Casa LLC) has recently been awarded $390,000 in tax credits from the New Mexico Mortgage Finance Authority’s Affordable Housing Tax Credit Program.  The tax credits will be used to generate construction funding for the Carlsbad Supportive Housing Project for the Severely Mentally Ill.

The proposed Carlsbad Supportive Housing project will consist of 24 1-bedroom/1 bath units of approximately 600 sq. ft. each.  All units will be handicapped accessible/adaptable, and designed with “universal design” features to accommodate those with physical disabilities.   All units will be affordable to individuals or families at or below 50% of the Area Median Income – or a maximum of $20,000 annual income in Carlsbad (Eddy County).  Rents will be paid using HUD project-based Section 8 (13 units) or “Shelter + Care” vouchers (11 units), which will allow the residents to pay 30% of their income as rent – the difference will be paid by the voucher to assure rental income to the property.  

Donations of a minimum of $200 are eligible to receive the NM Affordable Housing Tax Credit.  This allows for a 50% tax credit ($100 credit for a $200 donation) to approved affordable housing projects like Mi Casa.  The $390,000 in Affordable Housing Tax Credits can be used to offset income tax, gross receipts tax or compensating taxes and can be used over a 5 year period.  Since CMHC is a 501c3, all donations are also qualified Federal Tax deductions.

Currently CMHC serves 260 persons who have a severe mental health diagnosis – 5% of these individuals have been homeless in the past year and an additional 30% are housed in substandard housing.  The Eastern Regional Housing Authority has over 100 housing vouchers distributed to families in the Carlsbad area who have been unable to find suitable housing. All units at this community will be designed for Severely Mentally Ill individuals and the committed financing requires 15% of the units (4 units) to be set-aside for this population.  

Carlsbad Mental Health Center is a private, not-for-profit, 501 (c) (3), community mental health care organization providing comprehensive, recovery-focused services to more than 3,000 New Mexicans each year.  Founded in 1985, CMHC is a leading provider in the delivery of outcome-based behavioral health services at eight locations in Carlsbad as well as Milestones Wellness Center in Artesia.  

For more information contact
Kirstin Carlson
Carlsbad Mental Health Center
575-887-4653
kirstinc@cmhcnm.com

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The Carlsbad Department of Development promotes the economic and general welfare of the citizens of the City of Carlsbad and South Eddy County, New Mexico.

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Contact Email:
***@developcarlsbad.org Email Verified
Source:Carlsbad Department of Development
Phone:575-887-6562
Zip:88220
City/Town:Carlsbad - New Mexico - United States
Industry:Construction, Real Estate, Non-profit
Tags:construction, tax credit, Real Estate, donation, new mexico, eddy county, carlsbad
Shortcut:prlog.org/11073019
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