Neighborhood Assistance Program (NAP) Awards Tax Credits to The Caring Place, Inc

By: Contributor Last Updated: July 6, 2010

The Indiana Housing and Community Development Authority (IHCDA) through The Neighborhood Assistance Program (NAP) of the State of Indiana has awarded The Caring Place, Inc. $22,000 in tax credits to be distributed now through June 2011. The Caring Place, Inc., a regional not-for-profit organization whose mission involves providing shelter and services for victims of domestic violence and sexual assault, is one of the 181 not-for-profits in the state to be awarded NAP credits. CaringPllaceLogo

The sale of these tax credits to the general public will raise funds necessary to provide shelter, one-on-one and group support for clients – connecting them to community resources including housing, employment, legal aid, and childcare.

At the IHCDA Board of Directors meeting held on June 17th, $2.5 million in tax credits were allocated to 181 not-for-profit corporations throughout Indiana. The credits are part of the Neighborhood Assistance Program (NAP), which allows organizations to use the tax credits as an incentive to help leverage additional contributions from individuals and businesses for neighborhood-based programs and projects.

Tax credits are distributed to donors at 50% of the contribution amount and are subtracted from a donor’s state income tax liability. NAP tax credits are awarded through a formula allocation process that is based on several factors, including socioeconomic need, type of request, amount of request, and adherence to instructions. IHCDA received and reviewed 181 applications requesting over $6.3M.

Organizations with projects specializing in housing received approximately 88% of their requested amount and organizations specializing in community development received approximately 21% of their requested amount.

What makes this philanthropic opportunity different than others? Some have called it “an offer you can’t refuse.” Others refer to it as being “almost too good to be true.” Regardless of the descriptions, NAP credits are providing great benefits to donors and not-for-profit organizations throughout Indiana.

The State of Indiana will “split” the cost of any gift of $100 or more made to The Caring Place. As long as the NAP credits are available, the State of Indiana will provide an income tax credit equal to 50% for every contribution (cash, check, credit card) over $100. In addition, you may also be able to claim a federal tax deduction on the full donation amount. (Consult a tax advisor for your personal tax savings.)

The steps are straightforward to make a charitable contribution AND receive the added benefit of tax savings. Make your donation now, because credits go fast. Gifts should be sent directly to The Caring Place Community Advocacy Center at 3107 Cascade Drive, Valparaiso, IN 46383, along with the request for NAP credits. For more information, or to make a contribution, contact Heather Klein, Director of Development and Communications at 219.464.0840 ext.105.