Profitwise News and Views
September 2003 Issue
Around the District
Illinois
Community Development Entities Receive Tax Credits
Bethel New Life and the Illinois Facilities Fund received $14 million in tax credit allocations under the New Markets Tax Credit (NMTC) program. The two organizations aim to stimulate economic opportunity and job creation in low-income communities. An additional seven CDEs with national service areas, including Illinois, received over $200 million in tax credit allocations.
For information on the NMTC Program, see Spring 2001 Economic Development News & Views (PDF,366KB).
Indiana
$80,000 Awarded to Nonprofits in Central Indiana
The Emmis Communications/Radio One Community Fund announced monetary awards to three nonprofit organizations. The fund was created with a joint $1 million commitment from Emmis and Radio One in January 2001.
This year's recipients are: Fathers and Families Resource Center ($40,000), which provides financial literacy and planning for young fathers and families; Family Service Association ($30,000), which provides family asset building services; and Girls Inc. of Indianapolis ($10,000), which provides economic literacy training.
Nonprofit organizations interested in submitting requests for funding should download the grant guidelines at www.agriamerica.com  .
Iowa
Iowa Finance Authority and the Iowa Civil Rights Commission to Increase Minority Homeownership
According to a recent University of Iowa study (Housing and Community Development in Iowa 2000: Meeting Challenges of the Next Decade), the homeownership rate for minority households (in Iowa and nationally) is substantially lower than among White households.
The Iowa Finance Authority and Iowa Civil Rights Commission (ICRC) announced a program to double the number of minority borrowers using FirstHome, the state's affordable mortgage financing program. The ICRC outreach effort, "Owning Your Own Home: Everyone's Dream Should be a Reality," will involve 30 public education sessions on fair housing and home financing in communities throughout Iowa.
For information about FirstHome, visit www.ifahome.com , or call (800) 432-7230. For information about ICRC, visit www.state.ia.us/government/crc, or call (800) 457-4416.
Michigan
State Housing Authority Announces $7 Million to Help Homeless in Michigan
More than 60,000 homeless people in Michigan will benefit from over $7 million in grants awarded by the Michigan State Housing Development Authority (MSHDA). A total of 204 organizations representing 60 areas serving all 83 Michigan counties will share the 2003 funding, a combination of MSHDA ($4.4 million) and federal Emergency Shelter Grant (ESG) formula funds ($2.6 million). The grants were awarded by MSHDA through the "Continuum of Care" planning model. The grants awarded will provide support for ongoing programs, homelessness prevention activities, and supportive services.
For information, call (517) 373-1974, or visit www.michigan.gov/mshda .
Wisconsin
Milwaukee Home Mortgage Lenders: "Mission Accomplished"
New Opportunities for Homeownership in Milwaukee (NOHIM) disbanded after 12 years of addressing home mortgage lending issues in Milwaukee. NOHIM was originally created to address the racial disparity in loan denial rates in Milwaukee, which has consistently had one of the highest levels of disparity among mortgage applicants nationwide. NOHIM, a coalition of financial institutions and homebuyer counseling agencies, made $263 million in loans to 4,653 applicants over 12 years, 80 percent of which went to ethnic minorities.
For information on NOHIM, see Michele Derus' June 4, 2003 article in the Milwaukee Journal Sentinel at http://www.jsonline.com/homes/buy/jun03/145373.asp.
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