Metanoia

“Metanoia entered into an agreement with the lowcountry alliance for model communities in 2016. Under this agreement, the city of north charleston transferred $860,000 to metanoia for services. The funds are required to be kept in a separate account. Metanoia will work with targeted neighborhoods to develop affordable housing units that will be financed with these funds. These funds are to be spent according to the agreement. Metanoia will work with targeted communities in north charleston to identify potential projects for new and renovated housing. Metanoia will develop as many homeownership units as the current market for such can hold and the agreement allows for development of affordable rental housing as well. The money transferred to a revolving account for short term (36 months per project) acquisition and construction financing of identified properties. After 36 months or once that project is complete, whichever is sooner, metanoia will find long term financing for these properties. No more than 10% of a unit's financing from the funds outlined in the mou may be left in an individual unit for long term financing. All homeowners or renters served by this grant must have household incomes at or below 120% of area median income ("ami") adjusted for family size. Housing projects under this agreement will operate within the scope of the community master plan facilitated by the lamc and adopted by the city of north charleston.”

“Metanoia is exempt from federal income tax under section 501(c)(3) of the internal revenue code. In addition, metanoia qualifies for the charitable contribution deduction under section 170(b)(a) and has been classified as an organization that is not a private foundation under section 509(a)(2). Management evaluated metanoia's tax positions and concluded that metanoia had maintained its tax-exempt status and had taken no uncertain tax positions that require adjustment to the financial statements for the years ended june 30, 2024, and 2023. Therefore, no provision or liability for income taxes has been included in the financial statements. Metanoia is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.”