Community Corner

New Hampshire Nonprofits Get $6M for Community Development

Community Development Finance Authority awards tax credits to 14 Granite State organizations.

Nearly $6 million has been awarded through the Community Development Finance Authority Tax Credit Program to 14 New Hampshire organizations for projects which make local communities thrive and become more resilient.  The CDFA Board of Directors has approved the funding – in the form of state tax credits – for projects from every corner of the state.  The tax credits allow for more than $25.6 million in leverage for these projects. 

“The CDFA Tax Credit Program continues to demonstrate its importance as an innovative tool in advancing community development in New Hampshire. Projects selected this year will address neighborhood blight, provide affordable housing, increase economic development, and reduce reliance on public services,” said Board Chair Janet Ackerman. 

Some of the awards made include a senior housing development in Keene’s Railroad Yard, efforts to rehabilitate blighted buildings in downtown Manchester, and community development projects along Littleton’s Main Street. 

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Grants made to these organizations are tax credits, not cash. Companies that donate to these CDFA-approved projects can get a 75% business tax credit against their contribution. This credit can be applied against the New Hampshire business profits, business enterprise, or insurance premium taxes. The organizations awarded state tax credits are responsible for raising the donations. Tax credits provide a powerful incentive to stimulate private investment in community development ventures.

“This provides New Hampshire businesses an unprecedented opportunity to invest in their own communities. Purchasing tax equity for projects that have been reviewed and analyzed allows them to target their investments safely and have a financial impact in a way that a cash donation cannot,” said Taylor Caswell, CDFA Executive Director.

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The following projects received tax credits for FY15/FY16 from CDFA:

  • An award of $700,000 to the Concord Boys and Girls Club for a new Suncook Community Center. The project will build a new Boys and Girls Club at their current location in Whitten Street Park, which will double the number of children served in the community.
  • A tax credit award of $125,000 for the Salem Bicycle-Pedestrian Corridor. This will complete the last 1.67 miles of a 5.1 mile walking corridor which will facilitate access to business and clean out old rail beds along Broadway. The corridor will provide a recreational trail, as well as a safer alternative route of transportation for low-and-moderate income residents to get to work and to commercial services
  • A tax credit award to Milford’s SHARE Outreach program in the amount of $62,500. The award is part of a $400,000 fundraising project to expand the food pantry and increase services to 1,900 low income clients in Amherst, Brookline, Milford, Mont Vernon, and Wilton.
  • The NH Institute of Art in Manchester has received $367,250 in tax credits toward the rehabilitation of the abandoned former St. Anne church. In addition to helping revitalize a blighted Center City neighborhood, the new facility will function as an art lab which will serve over 100 children from low- and moderate-income families.
  • To Serenity Place, a tax credit award of $750,000 toward a $3 million project to redevelop three dilapidated buildings in downtown Manchester. The substance abuse treatment center will use the renovated space to provide care to additional patients, create commercial office space, and provide six new units of affordable housing.
  • A tax credit award of $500,000 to the Downtown Littleton Reconnect Project. The award will be put toward completion of the downtown riverwalk and other measures in this $7.4 million initiative to promote community and economic growth. 
  • $518,593 in tax credits to the Grafton County Senior Centers. The funds will be used to upgrade six senior centers in Lebanon, Plymouth, Littleton, Canaan, and North Haverhill which are in various states of disrepair.
  • An award of $187,500 in tax credits for the Greeley House Renovation in Enfield. The project will help restore a blighted, historical building which will include affordable housing units and office space. 
  • The Boys and Girls Club of the Lakes Region in Laconia will receive $500,000 in tax credits to complete the rehab of the former St. James Episcopal Church building. The new clubhouse will serve 300 children, many of whom are from low-to-moderate income families.
  • Tax credits in the amount of $125,000 to complete the next 1.1 miles of the WOW Trail in Laconia. The proposed biking and walking corridor around the Winnipesaukee, Opechee, and Winnisquam lakes will stimulate recreation, tourism, and economic impacts for communities along the regional trail running fromMeredith to Franklin.
  • To Goodwin Community Health in Somersworth, $150,000 in tax credits to expand facility technologies and services to its 8,000 patients. Fifty-six percent of their patients are of low-to-moderate income or are uninsured.
  • $450,000 in tax credits will go toward Westmill Senior Housing, a $5.25 million project in Keene. The facility will provide 26-units of affordable housing for senior citizens in the revitalized Railroad Yard.
  • A tax credit award of $425,000 to the Hannah Grimes Center inKeene to renovate the business incubator’s 2nd floor, creating space for 12 new microbusinesses. Since 2013, Hannah Grimes start-ups earned $2.6 million with payrolls of $890,000.
  • The Park Theatre will receive $550,000 in tax credits to complete the rebuild of a downtown performing arts center. Once completed, the facility will generate an estimated $591,000 in economic activity in Jaffrey and surrounding communities.
In addition to this year’s projects, these programs are also funded annually by CDFA tax credits:
  • The Regional Development Corporation Capacity Fund will receive tax credits totaling $250,000. The fund, co-financed with a federal Community Development Block Grant from CDFA, will provide capital for the ten nonprofit RDCs throughout the state working to create jobs and economic opportunities for low- and moderate-income residents in their areas.
  • Tax credits totaling $337,500 will be set aside for the Housing Futures Fund. This initiative, administered by CDFA, will grant tax credits to nonprofit housing organizations statewide that demonstrate innovative solutions to affordable housing issues in their communities. 

“There were many other worthy projects which the Board wished it could have selected,” said Ackerman. “This year there was $15 million in requests but only about a third of that much in tax credits available. We see that there is both the need and the demand to expand the tax credit program in the near future.” 

By statute, $5 million in tax credits may be awarded each fiscal year. CDFA often awards slightly more to account for any fundraising shortfalls; any investments beyond $5 million are rolled into the next fiscal year. Despite the explosive growth in participation from nonprofits and financial commitments from New Hampshire businesses, the tax credit cap has not been raised since 1999. A bill to increase the cap on tax credit awards to $8 million died in the State Senate last year. 

“CDFA is committed to providing financing, technical assistance, and other resources to foster innovation and economic growth in every New Hampshire community,” said Caswell.

About CDFA

CDFA, created by legislation in 1983, is a nonprofit public instrumentality of the State of New Hampshire. CDFA administers nearly $20 million in funding resources, which includes a combination of state tax credits and federal Community Development Block Grant, Neighborhood Stabilization, and Energy Reduction Funds. CDFA supports the development of vibrant and resilient communities by providing resources for community development efforts. For more information about CDFA and its programs visit nhcdfa.org or call 603-226-2170.

Submitted by the Community Development Finance Authority.


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