Whoa! I love these guys and the work they do in LA. I blogged about them recently here. The blurb below is from Pastor Matthew’s blog. The LA Times says the New Market Tax Credit awarded to the Dream Center is $49 million but Pastor Matthew is saying $10.2. Not sure what the difference is, if I find out I’ll let you know.
In either case it is a TON of money and Pastor Matthew talks what it means for the Dream Center here.
“The Dream Center is slated to be awarded $10.2 million dollars through a Federal Government program called New Market Tax Credits. The funds are available to charities who have invested into disadvantaged communities. The charity must be located in a zone that qualifies as a disadvantaged area of the community. We have invested over 35 million dollars in building improvements over the years….Funding does not come from the government but from the purchase of tax credits by investors. JP Morgan Chase representatives toured the Dream Center and were so moved that they bid on this project and have worked hard to help this miracle come to pass.”