Neighborhood Assistance, Neighborhood Partnership Program (NAP/NPP)
Corporate tax liability credit for businesses that sponsor a neighborhood organization to develop and implement a neighborhood revitalization plan by contributing a substantial amount of cash per year over an extended period of time.
WEBINAR - A webinar was held on June 30th, 2011 to discuss the new guidelines. Click here to watch the webinar or here to read the summary and FAQ.
FORMS -
NAP Application for Tax Credit 9-08
NAP Application to Sell or Assign Tax Credits 9-08
Guidelines
Uses
Fosters the development of collaborations among business firms, neighborhood organizations, local government entities and residents to encourage high impact long term investments in distressed areas. Projects must fall under one of the following categories: Affordable housing; education; health and social services; community economic development; job training; crime prevention; and neighborhood assistance.
Funding
Tax credit equals 75 percent of approved project. Total tax credit is limited to $500,000 annually. Refer to guidelines.
Eligibility
Non-profits
Terms
Sponsorship consists of contributing a substantial amount of cash (minimum $50,000) per year for a minimum period of five years.