CDFA announces $5M in tax credits to fund housing, affordable childcare and community revitalization
The New Hampshire Community Development Finance Authority (CDFA) announced today that it had awarded $5 million in tax credits to projects throughout New Hampshire. The funds will significantly impact initiatives that advance local community economic development goals, capacity building for the New Hampshire nonprofit sector, and support for economic development across the state.
Projects receiving tax credits provide increased access to housing, critical transportation services, affordable childcare, and early childhood education and revitalize neighborhoods, downtowns, and historic structures in rural communities while supporting community economic development efforts.
“Through public-private partnerships, this year’s awardees attend to critical needs within our communities such as increased access to quality housing and transportation, creating new economic opportunities through affordable, quality childcare and job creation; and revitalizing neighborhoods and downtowns,” stated Katy Easterly Martey, Executive Director, CDFA.
“Organizations awarded Tax Credit resources have demonstrated a strong commitment to their communities – amid continued uncertainty and significant challenges – which speaks to the resiliency and spirit of the Granite State,” continued Easterly Martey. “These community builders drive positive, long-lasting change within our communities.”
The following organizations have been awarded tax credits from CDFA for their respective projects:
- Affordable Housing, Education and Development (AHEAD) Inc. (Woodstock) – $500,000: Tax Credits will support creating a 29-unit affordable housing development. The project will address an established need for affordable housing in the North Country, specifically the Woodstock and Lincoln area.
- Boys & Girls Clubs of Central New Hampshire (Penacook) – $450,000: The Boys & Girls Club of Central New Hampshire will use Tax Credit funds to transform the Penacook Community Center into a 7,500-square-foot childcare and youth development center. The project meets a critical community need by increasing access to affordable, quality childcare and youth services.
- City of Franklin (Franklin) – $400,000: Tax credits will support the final development phase for Mill City Park at Franklin Falls, a whitewater park along the Winnipesaukee River in Franklin. The project will support downtown revitalization efforts underway by creating a tourism destination and contributing to increased economic activity in Franklin.
- COAST (Dover) – $400,000: Tax Credits will be used to construct a new facility to support the administration, operations, and maintenance needs of COAST, a nonprofit public transportation agency serving the Seacoast region. The project supports increased access to reliable public transportation, an essential service for local residents and economic driver in the region.
- Downtown Concord Winter Farmers’ Market (Concord) – $300,000: Tax Credits will support the development of a permanent, accessible location for the Downtown Concord Farmer’s Market. The project will create a new community space while increasing opportunities for small business owners and agricultural producers.
- Farmsteads of New England, Inc. (Epping) – $300,000: Farmsteads of New England, Inc. will use Tax Credit resources to create permanent, supportive housing for 27 individuals with developmental disabilities. The organization empowers adults with autism and other developmental disabilities to live meaningful lives by providing residential and day services in inclusive farm communities.
- NeighborWorks Southern New Hampshire (Manchester) – $500,000: Funds will support creating a new 45 mixed-income affordable housing development in Nashua. The project creates much-needed quality, affordable housing while contributing to Nashua’s Tree Streets neighborhood revitalization.
- New Hampshire Community Loan Fund, Inc. (Manchester) – $200,000: Tax Credit resources will provide low-cost, flexible capital to minority-owned businesses in New Hampshire through the Minority-Owned Business Lending program launched in January 2022 in partnership with the Manchester NAACP. The statewide effort will provide loans that are largely $50,000 or less and include technical assistance for the business owners.
- Regional Economic Development Center of Southern New Hampshire (REDC) (Statewide) – $350,000: Funds will support the capitalization of the New American Loan Fund, which is focused on addressing the inequities of accessing necessary financial capital for recent immigrants to New Hampshire to open businesses. The investment will result in increased access to capital for New Americans and expand the program’s impact.
- Society for the Protection of New Hampshire Forests (Bethlehem) – $300,000: Tax Credits will be used to renovate the conservation center located at The Rocks in Bethlehem, increasing access to natural history programming and outdoor recreation opportunities. The renovation will retain the historic exterior of the building and convert the interior into a net-zero energy-efficient structure featuring geothermal and solar photovoltaic systems. The Rocks is a 1,400-acre property that serves as the organization’s northern New Hampshire campus and is an economic driver for the region.
- Currier Museum of Art (Manchester) – $200,000: The Currier Museum of Art will use funds to restore the Chandler House in Manchester into a gallery, ceramic studio, art classrooms, and office spaces. The building will be fully accessible and support the museum’s programs for underserved and vulnerable populations, including veterans, new Americans, individuals experiencing substance misuse disorder, teens struggling with anxiety, and those with Alzheimer’s and disabilities.
- Visions for Creative Housing Solutions, Inc. (Hanover) – $400,000: Tax Credits will help create permanent, supportive housing for 12 intellectually or developmentally disabled adults. The new residence will seek Passive House certification and contribute to downtown Hanover’s redevelopment efforts. The organization is the only of its kind serving the Upper Valley and is recognized as a leader in New Hampshire and beyond for its innovative housing solutions for adults with disabilities.
- Warner House Association (Portsmouth) – $57,000: The Warner House Association will leverage Tax Credits to construct a replica of the 18th-century Carriage House, which formerly existed on the association’s property. The project will provide increased access to arts and cultural opportunities and contribute to economic activity, neighborhood revitalization, and historic preservation in downtown Portsmouth.
CDFA also awarded tax credit funds for its L5 Capacity Building Program, which focuses on providing an infusion of capital at a pivotal point in a nonprofit organization’s development. The awarded resources will further enable those organizations to further their missions and serve New Hampshire communities’ needs. CDFA awarded tax credit funds to support capacity building for the following organizations:
- Business Alliance for People of Color (Statewide) – $110,000: The Business Alliance for People of Color will use Tax Credits to deepen capacity as they transition from an all-volunteer organization to hiring staff. The project will enable BAPOC to continue to build its model for communication and dissemination of information to underserved communities related to business formation, support, and education to encourage entrepreneurialism and small and micro-business formation. BAPOC is an alliance of businesses working in solidarity to advocate on behalf of and provide support for the NH BIPOC business owner community.
- Making Matters NH (Concord) – $90,000: Making Matters New Hampshire will use Tax Credits to increase authentic community collaborations by hiring a part-time staff member. The project will enable the organization to build sustained partnerships, increase memberships, expand programming, and position skilled volunteers to focus on classes and training rather than community outreach and administration. Making Matters NH offers access to incredible equipment with a woodshop, textile space, prototyping, an electronics lab, a machine shop, and a bicycle repair shop sponsored by Pedros North America.
- Mark Stebbins Community Center (Manchester) – $40,000: The Mark Stebbins Community Center will use Tax Credits to support the build or repurposing of a new facility and bring new resources to the West Side of Manchester an under-resourced area of the city. The project will engage a project facilitator to bring together a wide range of non-profits and community agencies to plan the initiative and offer services on the West Side. The Mark Stebbins Community Center is seeking to acquire a building to co-locate services, collaborate across service and community partners, and deliver services that are culturally sensitive and specifically align with the needs of community residents.
- Overcomers Refugee Services (ORS) (Statewide) – $130,000: Overcomers will use Tax Credits to deepen capacity and build an initiative to help refugees help other refugees become trained, employed, housed, and contributing citizens of New Hampshire. The project will enable the organization to improve systems, training, and support services that will help ORS explore new and expanded services. ORS is led by and works with immigrant community members. They have demonstrated strong community impact in their efforts to support immigrant community members in finding employment, starting small businesses, and placing them in stable housing.
- Safari Youth Club (Greater Manchester) – $130,000: Safari Youth Club will use Tax Credits to strengthen its capacity to provide high-quality academic, social, and recreational programs for vulnerable refugee youth and their families living in Greater Manchester. Founded in 2014, SYC was created to support vulnerable refugee youth and families struggling within the school system.
- Spark the Dream (Manchester) – $130,000: Spark the Dream will use Tax Credits to build capacity toward purchasing a property that will house their two Unity Is Strength programs: the Ujoma Day Care for pre-schoolers and Zero to Hero after-school program. The building will also serve as the office and base operations for their staff and organization. Spark the Dream has a vision of providing a place for young African immigrants to connect to their roots and culture.
New Hampshire needs a strong, effective nonprofit network with the capacity to support our communities and envision, create, and implement broad-based community economic development projects as we recover from the lasting impact of the COVID-19 crisis. CDFA is committed to assisting New Hampshire’s nonprofits in becoming more resilient during this time of significant economic disruption. In 2021, CDFA will help support nonprofits awarded through the L5 Capacity Building Program by raising $395,075 in Tax Credits for State Fiscal Year 2022 (July 1, 2021 – June 30, 2022). Additional information on how businesses can support nonprofits engaged in this work can be found here: www.nhcdfa.org/CapacityBuilding.
In addition to this year’s selected projects, CDFA’s tax credit program supports New Hampshire’s Regional Development Corporations. The funds will provide capital for the nonprofit Regional Development Corporations throughout the state to collaborate on fostering and encouraging economic development and job creation.
Grants made to organizations are in the form of tax equity. New Hampshire businesses support the selected projects by purchasing the tax credits, resulting in the nonprofit receiving a donation and the company receiving a 75 percent New Hampshire state tax credit against that contribution. The credit can be applied against the Business Profits Tax, Business Enterprise Tax, or Insurance Premium.
To learn more about CDFA, its impact on New Hampshire communities, and available funding resources, visit www.nhcdfa.org.