Overview
What is Miracleplace Pasco Tampa Initiative Inc?
Miracleplace Pasco Tampa Initiative Inc is a supporting organization, established in Florida, that works in partnership with Metropolitan Ministries. Their primary goal is to utilize federal and state New Markets Tax Credits for the development and renovation of low-income community investments. In 2015, they financed the expansion and development of a transitional housing facility in Pasco, Florida, providing shelter and supportive services to approximately 50 families annually. The organization's efforts have been bolstered by partnerships with Whitney Hancock Bank, Chase Bank, and the Florida Community Loan Fund. In 2021, they successfully unwound a New Markets Tax Credit transaction, resulting in the cancellation of over $15 million in liabilities and generating $6 million in non-cash proceeds. Their mission continues to support Metropolitan Ministries in its mission to provide essential resources for those in need.
Official website here: www.metromin.org
Is Miracleplace Pasco Tampa Initiative Inc legitimate?
Miracleplace Pasco Tampa Initiative Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Miracleplace Pasco Tampa Initiative Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.metromin.org
What is the mission statement of Miracleplace Pasco Tampa Initiative Inc?
Miracleplace Pasco Tampa Initiative Inc serves as a supporting organization, contributing to Metroplitan Ministries Inc's mission in Florida. Their primary role involves utilizing federal and state New Markets Tax Credits to fund the development and renovation of low-income community investments. In 2015, they executed a New Markets Tax Credits transaction to finance the expansion of a transitional housing facility in Pasco, Florida, for the homeless and those at risk. In fiscal 2021, Metroplitan Ministries successfully completed the unwind of this transaction, leading to the creation of Miracleplace Pasco Tampa Initiative Inc. This partnership with Whitney Hancock Bank, Chase Bank, and the Florida Community Loan Fund supported the construction of a residential facility providing shelter and wrap-around services to over 50 families annually, alongside housing counseling programs. The exercise of put options during the transaction resulted in the elimination of over $15 million in liability and non-cash net proceeds of $6 million.
Official website here: www.metromin.org
Who is the CEO of Miracleplace Pasco Tampa Initiative Inc?
Tim Marks is the President of Miracleplace Pasco Tampa Initiative Inc.
Official website here: www.metromin.org
What is the revenue of Miracleplace Pasco Tampa Initiative Inc?
Miracleplace Pasco Tampa Initiative Inc's revenue in 2022 was $0.
Official website here: www.metromin.org
Who are the executives of Miracleplace Pasco Tampa Initiative Inc and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $182,402
- Other: $7,723
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $33,910
- Other: $741
Official website here: www.metromin.org
Where can I find the form 990 for Miracleplace Pasco Tampa Initiative Inc?
Miracleplace Pasco Tampa Initiative Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.metromin.org
Learn more at the official website: www.metromin.org
Mission Statement of Miracleplace Pasco Tampa Initiative Inc
Miracleplace Pasco Tampa Initiative, a supporting organization, plays a crucial role in aiding Metropolitan Ministries, a Florida-based not-for-profit corporation. Primarily, its mission involves utilizing federal and state New Markets Tax Credits for the development and renovation of qualified low-income community investments. In 2015, the organization successfully completed a New Markets Tax Credits transaction to finance the expansion and construction of a transitional housing facility in Pasco, Florida, catering to the homeless and those at risk of becoming homeless.
This facility provides shelter and wrap-around services to over 50 families annually, offering them a safe and supportive environment during their journey towards independence. Moreover, Miracleplace Pasco Tampa Initiative also offers housing counseling programs, contributing to the overall well-being and stability of these families.
In the year 2021, Metropolitan Ministries successfully completed the unwind of the New Markets Tax Credit transaction, leading to the creation of Miracleplace Pasco Tampa Initiative. This process resulted in the elimination of over $15 million in liability through forgiveness and generated non-cash net proceeds of $6 million. The generous partnership of Whitney Hancock Bank, Chase Bank, and the Florida Community Loan Fund supported the construction of this residential facility, enabling it to provide essential services to those in need.
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Impact
October, 2024
Miracleplace Pasco Tampa Initiative Inc significantly impacts the community by enhancing the availability of housing and support services for vulnerable populations. Through the utilization of federal and state New Markets Tax Credits, the initiative has successfully supported the development and renovation of essential facilities aimed at providing transitional housing for the homeless and those at risk of homelessness in Pasco, Florida.
In 2015, the initiative completed a key transaction that enabled the financing of a new transitional housing facility. This facility not only offers shelter but also delivers wrap-around services to over 50 families each year, which includes critical housing counseling programs. By creating safe and supportive housing environments, Miracleplace plays a vital role in fostering stability and helping individuals and families secure a pathway out of homelessness.
Furthermore, the successful unwinding of a previous financial transaction led to the forgiveness of over $15 million in liabilities, combined with non-cash proceeds of $6 million. This financial restructuring has strengthened the initiative's capacity to invest in community resources, ensuring that more families have access to the assistance they need. With strong partnerships from institutions like Whitney Hancock Bank, Chase Bank, and the Florida Community Loan Fund, Miracleplace’s efforts continue to drive meaningful change in the lives of those it serves, reinforcing its mission to support community development and inclusivity.
This information is meant to be a general summary of Miracleplace Pasco Tampa Initiative Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
Assets and Liabilities:
- Total Assets: $12,937,133
- Total Liabilities: $0
- Net Assets: $12,937,133
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Organization Details
Founding Year
2014
Phone
(813) 209-1000Principal Officer
Tim Marks
Main Address
2002 N FLORIDA AVENUE, TAMPA, FL, 33602
Website
www.metromin.orgNTEE Category
Code: L114 - Housing
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