Arkansas Money & Politics
August 17th, 2022
by Mak Millard
Read the full article on Arkansas Money & Politics here!
Little Rock, AR – Our House announced on Aug. 17 that it has closed on a $10 million NMTC (New Markets Tax Credit) financing package to expand its services for families and individuals who are homeless in central Arkansas.
The financing will enable Our House to double its transitional housing capacity with apartment style units dedicated to families, double its childcare development and youth programming, create dedicated space for physical and mental health services and expand Our House’s workforce training services.
The 27,300 square-foot expansion is the first in over 14 years and will enable Our House to serve an additional 250 low-income adults and children daily. The expansion is expected to open in the fall of 2023 and is part of the non-profit’s $16 million development plan for its 7 acre campus.
Our House will also be able to expand childhood programming, which currently has a waiting list of over 200 children, and to expand its mental health services by 50%. The project will create 43 permanent full-time jobs over the next few years.
The new facility qualified for the federal NMTC program because it is in a highly distressed census tract with a 26.50% poverty rate (over 2.3 times the national rate), an unemployment rate of 14.3% (1.72 times national average) and area median income that is 48.79% of the median family income. The NMTC investment will result in a $2 million net benefit for Our House in support of this expansion plan.
“The $10 million tax credit allocation from Heartland Renaissance Fund will enable Our House to address the growing need for our services in central Arkansas,” said Ben Goodwin, executive director of Our House. “Our House has seen total volume served increase by 83% in just two years, to more than 600 people per day served. Our board and staff have worked together to develop a solid plan for expanding to meet this need, and the NMTC investment is playing a huge role in making our expansion plan a reality.”
