STEP Inc. is administering a program that will help local homeowners get flood damaged homes back into liveable conditions while offering tax credits to businesses that donate to the program.
Time is of the essence, however, because commitment letters from companies are due by Nov. 4, according to Rachelle Ricotta, STEP director of planning.
The state Department of Community and Economic Development only recently notified the agency of the program and that leaves only a small window for businesses to get on board, Ricotta said.
"The DCED is offering a tax credit program for special priorities. Our special priority is to help flood victims get back on their feet," she said.
The STEP program will assist homeowners who have already exhausted insurance and FEMA resources, or do not have access to those resources, make essential upgrades that will allow them to return home.
Businesses donating to the program will receive a 75 percent tax credit for their donation, she said.
Roller said the credit "is incredible" and added that it can be spread over five years if the donor wishes.
STEP needs only to receive a letter from a business committing the donation, according to Ricotta. An application then will be sent to the DCED, which will determine whether the agency's proposed project plan meets criteria for the tax credit.
Once the company releases the money to STEP, the tax credit will be applied, said Terry Roller, STEP president and CEO.
If the agency denies the tax credit application, the company "is off the hook" for the donation, Roller said.
But because the agency is working closely with the department in crafting the application, the outlook is good that it will be accepted, he added.
"We feel we're going to have a high probability of success in terms of submitting the application," he said.
Roller said the program will provide homeowners only with repairs needed to occupy their homes. For example, the program will help get electrical and plumbing systems back in working order, but will not pay to replace flooring, he said.
STEP will perform the work using in-house programs such as the Housing and Building Initiatives Program and Youth Build crew, Roller said.
Potential clients will be identified using information gathered by county Hazard Mitigation Planner John Lavelle and by staff at the Disaster Recovery Center, he said.
For more information regarding donations, contact Ricotta at 570-601-9501, or Roller at 570-601-9659.
