Nearly $8 Million Tax Credit Funding Approved for Projects Throughout the State
Opportunities Available to For-Profit Businesses to Invest and Receive State Tax Credits
CONCORD, NH — The Board of Directors of the Community Development Finance Authority (CDFA), Concord, voted to approve $7,911,250 in State Tax Credits through the Community Development Finance Authority to help fund 19 projects ranging from the expansion and consolidation of a rural family health provider, expansion of a business incubator, to site improvements and energy efficiency upgrades to a child care center, to the redevelopment of a blighted downtown building into office space and affordable rental housing.
The nonprofits that are awarded state tax credits are responsible for raising donations in the amount of their tax credit award from for-profit businesses that have a New Hampshire state tax liability. The Tax Credit Program enables businesses to invest cash, securities, or real property to fund CDFA-approved projects in exchange for a 75% state tax credit that can be applied against the New Hampshire business profits, business enterprise, and insurance premium taxes. For instance, a business donating $10,000 to CDFA on behalf of an approved project will receive a tax credit in the amount of $7,500. The donation is also eligible for treatment as a federal charitable contribution.
The following 19 projects have been awarded tax credits (listed by location of the project w/regional and statewide projects listed last):
Bethlehem
Copper Cannon Camp was awarded $250,000 in tax credits to purchase and upgrade the 126 acres property and facilities, currently leased by the Camp from the Town of Franconia. This will enable the Camp to expand operations on a year-round basis, to hire additional staff, and serve more income qualified families by continuing to offer a free week of camp to New Hampshire children.
Concord
League of NH Craftsmen was awarded $1,000,000 in tax credits to redevelop a blighted area in downtown, specifically two buildings, into new LEED certified office and display space for the League and other businesses and low- and moderate-income housing. The project will contribute to the redevelopment of the area of the city as well as the economic development of the state by strengthening the artist sector.
Gorham
Coos County Family Health Services was awarded $600,000 in tax credits to consolidate its three clinics into one location in downtown which will be LEED certifiable, expand the services it offers, and improve medical care for people of all socioeconomic backgrounds. It will be in walking distance of low-income housing, elderly housing, public schools, Town Hall and shopping.
Jaffrey
The Park Theatre was awarded $500,000 in tax credit funds to replace the currently dilapidated Theatre with a new 400-seat theater in downtown to be a regional center for the arts and entertainment for the 24 communities and five school districts of the Monadnock Region. It will provide performance, rehearsal and meeting facilities for community groups, artists, schools and businesses, along with 75 construction jobs and 3-5 permanent jobs in theatrical arts.
Keene
Hannah Grimes Center was awarded $250,000 in tax credit funds to renovate the first floor of the Hannah Grimes Center in downtown into 6,200 square feet of business incubator space. The renovation will expand the current number of incubator offices from five to fifteen and will provide more usable space for the Center’s workshops and programs. The expansion will increase and build upon the economic vitality of the Main Street through downtown.
Keene Family YMCA was awarded $500,000 in tax credit funds to move out of its deteriorating leased space and construct a new facility which it will own. The new building will increase the access to quality and affordable child care, improve accessibility of the facilities, and provide stronger access to supportive health and wellness programs. The new facility will create 40 additional jobs.
Lincoln
North Country Center for the Arts was awarded $125,000 in tax credit funds to build a 15,000 square foot performing arts complex, called Jean’s Playhouse. The former space, the Papermill Theatre, was owned by the town and is being demolished to make way for condominiums. The town has donated a parcel of land adjacent to the old theatre for Jean’s Playhouse, which will be a year-round operation providing theatrical, musical, and visual arts, as well as community gatherings and events.
Manchester
Elliot Hospital was awarded $1,000,000 in tax credit funds to purchase equipment for a soon to be developed 236,000 square feet Ambulatory Care Center called Elliot at River’s Edge. The project will redevelop a blighted area and improve access to health care for the low- and moderate-income population surrounding the area.
Neighborworks Greater Manchester was awarded $500,000 in tax credits to develop a pilot program that will help 15 low- and moderate-income families that are facing foreclosure stay in their homes. The Foreclosure Prevention Mortgage Refinance Pilot Program will create a loan pool for a pilot refinancing second, “silent” (would not amortize or bear interest) mortgage product. The second mortgage will be used in conjunction with a first mortgage offered through local lenders approved by NH Housing.
Meredith
Kidworks Learning Center, Inc. was awarded $303,125 in tax credit funds to install energy efficient lighting, replace electric hot water heaters with gas, install heating zones, re-grade the site to address drainage problems, purchase new play equipment, and retire existing debt in order to continue to provide quality and affordable child care to over 70 families.
Nashua
Neighborhood Housing Services of Greater Nashua was awarded $400,000 in tax credit funds to demolish two substandard structures and construct nine new townhouse style affordable housing units in the French Hill neighborhood.
YMCA of Greater Nashua was awarded $700,000 in tax credit funds to build a new building on City owned land in the geographic center of the City, immediately off of Rout 3, Exit 5. The new facility will be LEED Certified, ADA compliant, and will have modern amenities to properly serve the needs of the community. It will allow the YMCA to serve 4,500 additional people, a 50% increase and add 25 new jobs.
Somersworth
Avis Goodwin Community Health Center was awarded $600,000 in tax credits to consolidate its four locations into a new 28,500 square foot LEED Certifiable facility to be constructed in Somersworth with easy access to public transportation. With the additional square footage they will be able to hire two additional medical providers, add a sixth operatory, and add 48 hours of mental health specialist staff time. As a result they will be able to provide medical care for an additional 3,000 patients and dental care to 500 new patients, many of whom are un- or under-insured.
Malley Farm Boys Home was awarded $215,000 in tax credits to make much needed capital improvements, energy efficiency upgrades, and to pay off the mortgage on the property. This will enable them to hire an additional staff member and increase the number of clients served.
Whitefield
The Morrison was awarded $330,625 in tax credit funds to renovate portions of the skilled nursing and rehabilitee care facility to meet nursing facility code compliance which will improve the safety, health, privacy, and comfort of its residents. In addition, the new space will be secure enough to accommodate the needs of residents with Alzheimer’s.
Statewide
Consumer Credit Counseling Services of NH & VT was awarded $50,000 in tax credit funds to expand its Financial Literacy Program which includes workshops and stand-alone meetings in all communities in New Hampshire. This expansion will impact an additional 1,000 people in New Hampshire.
Housing Futures Fund was awarded $287,500 in tax credit funds to provide operating support for nine nonprofit affordable housing developers located throughout the state in order for them to provide homeownership counseling, neighborhood redevelopment and financing.
NH Coalition to End Homelessness was awarded $50,000 in tax credit funds to expand its education, outreach, and coalition building to help eliminate the causes and effects of homelessness.
NH Alliance of Regional Economic Development Corporations was awarded 250,000 in tax credit funds for its ten members that provide business lending in all regions of New Hampshire to expand or retain employment opportunities for low- and moderate-income people.
CDFA, created by legislation in 1983, is a nonprofit public instrumentality of the State of New Hampshire. CDFA administers $33 million in funding resources, which includes a combination of state tax credits and federal Community Development Block Grant and Neighborhood Stabilization funding. CDFA supports affordable housing and economic development activities that benefit low- and moderate-income citizens. For more information about CDFA, its programs, or how support these nonprofits by purchasing the tax credits, visit www.nhcdfa.org or call 603-226-2170.
