Nebraska Ag Connection - CDAA Program Supports Community Partnerships

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CDAA Program Supports Community Partnerships
Nebraska Ag Connection - 04/25/2018

The Nebraska Department of Economic Development (DED) this month formally announced program year 2017-18 awardees under the Community Development Assistance Act (CDAA) program. Meanwhile, time and limited tax credits remain for organizations wishing to apply before the program deadline of June 30.

CDAA is a community development program that harnesses state tax credits to incentivize and to offset the costs of community betterment projects. It allows tax credits for businesses, corporations, insurance firms, financial institutions and individuals that make eligible cash contributions or provide services and materials in support of approved community improvement projects. Credits can be awarded for up to $50,000 per year, or $75,000 over the total life of a project.

CDAA program applications are scored on the basis of their importance to the community, their impact on low- and moderate-income residents and their promotion of public-private partnerships to achieve meaningful goals. In the city of Scribner, for example, CDAA tax credits are being leveraged to support $1.3 million in safety and facilities improvements to an aging fire and rescue station. The station was constructed in 1969, and serves at least 1,300 residents over a 97-square-mile area.

"The CDAA program is a tremendous asset, as it encourages public and private stakeholders to rally around community improvement projects and goals," said DED Director Dave Rippe. "In some cases, projects supported by CDAA tax credits may have otherwise been out of reach."

CDAA program application guidelines can be found at https://bit.ly/2vFyCAD. Applications for program year 2017-18 must be submitted prior June 30, and will be reviewed and scored by a committee, pending the remaining availability of tax credits. DED is allowed a maximum of $350,000 in allotments per fiscal year; an estimated $67,800 remains at the current time.

The following projects have been awarded CDAA tax credits for program year 2017-18:

- In North Platte, $25,000 has been approved for North Platte Community Playhouse, to support the renovation and remodeling of the Fox Theater, a national historic building.

- Also in North Platte, $7,200 has been approved for Community Connections of Lincoln County, Inc., to support the operations of a substance abuse prevention system.

- In Scribner, $25,000 has been approved for the Scribner Area Foundation, in support of safety and overall improvements to the city's aging fire and rescue station.

- In Red Cloud, $25,000 was approved for the Nebraska Community Foundation (via the Red Cloud Community Foundation Fund) to support construction of the Valley Child Care Development Center. This project has received a total of $50,000 in tax credits, inclusive of prior program years.

- In Kenesaw, $50,000 has been approved for Kenesaw Community Development Corporation to support property acquisition of and improvements to the Kenesaw Grocery Store building, and to prevent food desert conditions.

- In Crete, $25,000 has been approved for the Crete Public Library and Community Room to support construction of a new public library and civic center. The new facility will also serve as an emergency storm shelter.

- In Friend, $25,000 has been approved for Friend Historical Society to support the restoration and preservation of the historic Warren Building and Opera House.

- In Bloomfield, $25,000 has been approved for ADA accessibility and other improvements to the Bloomfield Community Complex.

- In Beatrice, $25,000 has been approved for Sertoma, Inc. to support improvements to a neighborhood city park.

- In Peru, $25,000 has been awarded to Peru State College Foundation to support renovation of the former Peru Elementary School into the Oak Bowl Fieldhouse for student athletes. This project has received a total of $50,000 in tax credits, inclusive of prior program years.

Additional information on the CDAA program and program year 2017-18 awarded projects can be found on the DED CDAA program website, at https://bit.ly/2vFyCAD. For questions, contact DED's Jenny B. Mason, Community Development Consultant, at 402-471-6280 or jenny.mason@nebraska.gov.

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