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Father-Daughter Duo Turns Commercial Building Into Affordable Housing

Pro Builder

worked to rehab a vacated property and make it fit for occupancy, and by June, it will be a residential haven for dozens of new tenants In 2020, father-daughter duo Marva Hammond and Charlie Falletta formed the nonprofit Southbridge Community Services and bought a dilapidated building in the Southbridge neighborhood of Wilmington, Del.

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This Father-Daughter Duo Turned an Empty Commercial Building Into Affordable Housing

Pro Builder

At just under 13,000 square feet, the building was fully remodeled for mixed retail and residential use, and in a few weeks, its first tenants from a homeless shelter will move into their new apartment homes, the Delaware News Journal reports. They expect that leases will be signed soon and people will move in beginning in June.

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State by State Incentives Guide

Buisness Facilities Contributed Content

The principal and interest on the bonds are paid solely from the funds derived from leasing or selling the facilities to the user company. Through December 31, 2020, the maximum credit is $5,000,000 for each tax year across all tax types. For tax years after December 31, 2020, the credit will be capped at $150,000.

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STATE INCENTIVES GUIDE

Buisness Facilities Contributed Content

The principal and interest on the bonds are paid solely from the funds derived from leasing or selling the facilities to the user company. The program offers the following incentives: Transaction Privilege Tax Exemption (TPT Exemption) on purchased qualifying equipment and leased or rented qualifying equipment. TAX EXEMPTIONS.

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