Bethel Manor Apartments Groundbreaking Covered by both The Daily Breeze and sister newspaper The Daily News
Officials held a groundbreaking ceremony for a 53-unit permanent supportive housing apartment building at Bethel AME Church on church-leased property for people experiencing homelessness, in Los Angeles on Thursday, July 28, 2022. (Photo by Brittany Murray, Press-Telegram/SCNG)
Read this feature story on this unprecedented partnership between Bethel A.M.E Church and private capital funded SDS Supportive Housing Fund by clicking below.
The New Markets Tax Credit (NMTC) program was created in 2000 to stimulate economic growth in rural and low income communities by increasing the availability of private capital. In return, NMTC investors – most often banks – are provided with a tax credit equal to 39% of the total Qualified Equity Investment (QEI) over seven-year period. This tax credit provides anywhere from a 20% to a 25% subsidy to projects. The NMTC program was born of the Community Renewal Tax Relief Act and is under the United States Treasury Department.
