SUBJECT/RECOMMENDATION:
Title
Certify that the project proposed by Homeless Emergency Project, Inc. is consistent with local plans and regulations and eligible to apply for the State of Florida’s Community Contribution Tax Credit Program and adopt Resolution 16-26.
Body
SUMMARY:
Homeless Emergency Project, Inc. (HEP) is applying for sponsorship under the Community Contribution Tax Credit Program pursuant to Florida Statutes sections 212.08(5) (P), 220.183, 624.5105, F.S.
To become an eligible sponsor, a resolution from the local government is required. Projects designed to provide housing for low-income persons and must be consistent with local plans and regulations including the local government’s adopted comprehensive plan.
The Community Contribution Tax Credit Program (CCTCP) allows any business in Florida to receive up to a 50% credit on their Florida corporate income tax, insurance premium tax or sales tax refund for donations made to local community development projects. Donations must be made to an eligible sponsor conducting an approved community development project. A business may receive no more than $200,000 in community contribution tax credits for donations made in a business tax year. Once the donation has been approved by the Florida Department of Economic Opportunity, a copy of the approval letter and approved tax credit application must be submitted with the state tax return or sales tax refund application.
The qualifying proposed project for this sponsorship is to increase corporate cash donations for the remodeling of 16 apartments for low-income or disabled families with a total project cost of $250,000 to $400,000.
This project is vital to the surrounding community. HEP employs 60 full - and part-time staff, and over 1,000 volunteers annually to provide homeless and very low-income individuals and families with housing, food, clothing and support services necessary to obtain self-sufficiency and improved quality of life. HEP offers 124 units of Emergency Shelter for individuals and families with children. In addition, the agency operates 233 units of transitional and permanent supportive housing for individuals, veterans and families with children.
The annual HEP operating budget exceeds $5 million. These expenses consist of all the costs associated with personnel, housing and occupancy, supportive services, food, program and client supplies, the dental clinic, and administration of HEP’s 357 bed facility.
No City funding is required.
USE OF RESERVE FUNDS:
NA