Waterville Community Land Trust gets tax-exempt status

Yesterday at 6:52 PM An IRS ruling has made donations to the trust tax deductible, clearing the way for buildings, property and monetary donations to create affordable housing.

By Amy Calder acalder@centralmaine.com Staff Writer

WATERVILLE A nonprofit organization that seeks to provide affordable homes to people with low to moderate incomes has received tax-exempt status, allowing it to receive tax-exempt donations of homes, land, money and other gifts.

click image to enlarge

SEEKING HOMES: The Waterville Community Land Trust is seeking homes that can be used to create afforable housing. This house at 11 Clark St. was going to be the first, but was deemed too deteriorated to use, so the city gave it to Habitat for Hummanity.

Staff Photo by Amy Calder

Donations for the Waterville Community Land Trust may be sent to the fiscal agent, community group REM, 93 Main St., Waterville, ME 04901. The trusts Facebook page, watervilleclt@gmail.com, will also soon have information on how to donate. Donations also may be sent to the land trust at P.O. Box 1834, Waterville, Maine, 04901.

The Waterville Community Land Trust received notice recently from the Internal Revenue Service that, as a public charity, it is exempt from federal income tax, which means donors get a tax deduction for gifts to the trust.

The land trust plans to buy or acquire houses and land, renovate them, and sell them at affordable prices. Homeowners may later sell the homes if they wish, but the trust will retain the land ownership and a substantial amount of any profits. The idea is to increase home ownership, improve neighborhoods, help prevent deterioration and restore the historic fabric of neighborhoods.

Nancy Williams, executive director of the multi million-dollar Lake George Land Conservancy in Bolton Landing, New York, initiated the idea for the Waterville Land Trust.

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Waterville Community Land Trust gets tax-exempt status