HANNIBAL – February 06, 2009 – (RealEstateRama) — The Missouri Department of Economic Development (DED) today announced approval of $250,000 in tax credits under the Neighborhood Assistance Program (NAP) for the Blue Ryno Foundation, Hannibal. The tax credits will be utilized to acquire and renovate the MCM Bank Building in downtown Hannibal.
Hannibal is a Downtown Revitalization and Economic Assistance for Missouri (DREAM) community.
The renovated facility will house Blue Ryno’s programs for terminally ill children and their families and will provide transitional housing for those families who have lost their homes due to medical expenses. In addition, the facility will serve as headquarters for a variety of local non-profit organizations.
“I am pleased that we are able to assist Blue Ryno in their effort to assist terminally ill children, their families and those affected by rising medical expenses,” DED director-designee Linda Martínez said. “I look forward to hearing about the continued success of their programs.”
The DED administers the Neighborhood Assistance Program that helps not-for-profit organizations raise private-sector funds by providing partial state tax credits to businesses that make contributions to approved community improvement projects.
Businesses can donate cash, materials, supplies or equipment; technical assistance and professional services; labor; real estate; or stocks and bonds. Credits can equal up to 50 percent of the total amount contributed or up to 70 percent for projects located in most rural areas.
Not-for-profit organizations participating in the NAP program conduct capital campaigns or provide services in the areas of crime prevention, education, job training, physical revitalizations, or community services. The Neighborhood Assistance Program is utilized by not-for-profit organizations throughout Missouri to make their communities a more desirable place to live and work, as well as pave the way for economic development.
