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CDFA Awards $4.5 Million in Tax Credits

Published Tuesday Jul 7, 2020

CDFA Awards $4.5 Million in Tax Credits

The NH Community Development Finance Authority in Concord has awarded more than $4.5 million in tax credits to projects throughout the state. Projects receiving tax credits are providing increased access to critical services and affordable housing, revitalizing downtowns, historic structures, and community infrastructure in rural communities, as well as supporting community economic development efforts. 

“Our tax credit awardees demonstrate a strong commitment to their community through a diverse range of initiatives vital to the resiliency and vibrancy of the Granite State,” says Katy Easterly Martey, executive director, CDFA. “These community builders will bring together public and private partners to drive positive, long-lasting change within our communities.” 

The following organizations have been awarded tax credits from CDFA for their respective projects.

  • Cathedral of the Pines (Rindge) - $150,000: Tax Credits will support the redevelopment of the Hilltop House and a two-story addition.
  • Colonial Theatre Group (Keene) – $675,000: Funds will help address facility improvements, including increased accessibility, energy efficiency upgrades, enhanced patron services and necessary technical upgrades to production systems.
  • The Community Kitchen (Keene) – $62,500: For upgrades to improve energy usage while reducing operational costs and improving the operational layout of the facility. 
  • Currier Gallery of Art (Manchester) – $300,000: Tax Credits will assist the organization in purchasing and revitalizing a property in Manchester to support its Artist-in-Residence program.
  • Friends Program (Concord) – $125,000: Renovating the organization’s homeless shelter to improve its ability to support families, as well as adding space for an additional family.
  • GATHER (Portsmouth) – $187,500: Tax Credits will support the creation of the organization’s Fresh Food Bus, a mobile pantry market that will deliver fresh healthy food to families in need.
  • Journeys in Education Inc. (Peterborough) – $18,125: Funds will be used to replace the asphalt shingle roof at the Mariposa Museum and World Culture Center, securing the building envelope, protecting the museum’s collection.
  • Town of Littleton (Littleton) – $575,000: Tax Credits will support the creation of Riverfront Commons, an economic development and recreation project that will expand downtown public parking, create a connection to the rail trail, establish a Welcome Center and provide a permanent home for a farmers’ market that supports 45 small businesses.
  • Making Matters NH (Concord) – $105,000: To purchase equipment for the makerspace for its support of the arts, innovation, and entrepreneurship in the Concord region.
  • Mayhew Program (Bristol) – $306,250: Funds will support necessary upgrades to the summer camp facility which serves at-risk male youth in New Hampshire.
  • Monadnock Art X Tech (Dublin) – $62,500: Tax Credits will provide equipment and support renovations of a new ceramic studio space in Dublin.
  • Newport Opera House Association (Newport) – $181,070: The organization will leverage Tax Credits to upgrade its stage lighting system, install a new audio system and procure a projection system capable of showing high-definition digital movies.
  • New Hampshire Community Loan Fund (Statewide) – $325,000:  Tax Credits will provide funding for the organization’s Housing Assistance Loan program.
  • Portsmouth Submarine Memorial Association (Portsmouth) – $375,000: Funds will be used to support the restoration and preservation of the historic submarine USS ALBACORE, a diesel-powered sub operated by the Navy until 1972.
  • Seacoast Repertory Theatre (Portsmouth) – $218,750: The organization will leverage Tax Credits for major repairs and renovations to its aging lobby, built in the 1970s.
  • Southeast Land Trust (Epping) – $450,000: Tax Credits will establish the Center for People and Nature at the 237-acre Burley Farms in Epping through the construction of a 7,000 SF energy-efficient building and the rehabilitation of a historic (1785) farmhouse.

CDFA also awarded tax credit funds for its L5 Capacity Building Program, which is focused on providing a one-time infusion of capital at a pivotal point in a nonprofit organization’s development:

  • NH Center for Nonprofits – $35,000
  • Lebanon Opera House – $75,000
  • Greater Meredith Program – $41,000
  • Front Door Agency – $31,250

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. 

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