Federal Tax Credits Help Our House Build Center

by Mark Friedman  on Monday, Jun. 16, 2014 12:00 am  

Our House opened its center debt-free thanks to tax credits. | (Photo by Amanda Woods)

So Our House negotiated a deal to sell the credits to the global financial services firm, JPMorgan Chase & Co. of New York. Our House received $1 million in cash from the transaction, which was used for construction and to furnish the center.

“It’s a win-win scenario for Chase,” said Sam Walls III, president of the Heartland Renaissance Fund, which is an affiliate of the Arkansas Capital Corp. Group. Heartland handles New Markets Tax Credits in Arkansas, and Walls offered advice to Our House. Chase is “doing good things, but obviously they get some value as well,” he said.

And Mjartan said that with the money from Chase, Our House was able to open the center debt-free.

The center will serve about 150 homeless and near-homeless children.

Herron Horton Architects Inc. of Little Rock designed the building and Nabholz Construction Corp. of Conway was the general contractor.



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