How a NMTC Program Created Homeowners in Santa Fe and across the Nation
Jim Morrison of The Washington Post recently published an article entitled A Model for Neighborhood Renewal about the potential for New Markets Tax Credits to build more for-sale affordable homes.
Homewise believes that homeownership is critical for building wealth. In the article, Homewise’s Daniel Slavin is quoted as saying, “You’re giving people an opportunity they just wouldn’t be able to do unless this financial model was available. The house is an asset so you can build wealth and financial stability. Rents go up every year, but your mortgage payment stays consistent for 30 years.”
Homewise client Pamela Wells purchased an apartment in Santa Fe’s El Camino Crossing, which was financed in part by NMTC, and told the reporter, “I’m actually paying less on my mortgage than I did renting and in the last couple of years rents have really shot up,” she says. “For me, having a mortgage is cheaper than paying rent in Santa Fe, which is kind of crazy.”
Read more about this promising model for neighborhood development.