The Impact of Housing Tax Credits

HunterMaclean partner Adam G. Kirk explains how Housing Tax Credits work in this article for Business in Savannah.

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Mercy Housing Southeast Sits at Revitalization Forefront

By Edward O. Henneman, Jr., published on September 7, 2011, in Business in Savannah.

A non-profit real estate development company that excels at creating affordable housing communities, Mercy Housing Southeast is committed to developing affordable, program-enriched housing for low-income families, seniors and people with special needs who lack the economic resources to access quality, safe housing opportunities.

Beginning with its adaptive reuse and historic preservation of the Florance Street School and Charity Hospital in 2002, which was converted into an 88-unit affordable housing development, Mercy Housing has played a prominent role in the development of affordable, multifamily housing in Savannah. Mercy’s initial development projects in Savannah concentrated on the Cuyler-Brownsville neighborhood.

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Nonprofits Face Tough Decisions on Funding

In the wake of the economic downturn, the nonprofit sector has experienced tremendous stress from lack of financial support, mainly due to a reduction in charitable donations and available grants, forcing many nonprofit organizations not only to cut back on their community outreach, but also to take draconian operational measures in order to cut costs.

As difficult as the situation may be, it is important for nonprofit organizations facing inevitable layoffs, mergers, furloughs, salary reductions and shut-downs to carefully consider the operational and legal ramifications of each option before moving forward. Consulting the organization’s board of directors and professional financial and legal counsel is highly advised before a nonprofit makes any major decisions.

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