NH CDFA awards $5 million in economic development tax credits

Downtown revitalization, workforce development, affordable housing projects win support

The New Hampshire Community Development Finance Authority has awarded $5 million in tax credits to economic development projects throughout New Hampshire.

Projects awarded tax credits are:

• Affordable Housing, Education and Development, Bethlehem: $450,000 in tax credits to support development of a 28-unit low-income housing development.

Aviation Museum of NH, Manchester: $187,000 to build a full-scale flyable aircraft with Manchester students in the coming school year.

• Boys & Girls Club of Greater Nashua: $120,000 TO renovate its indoor pool facility and locker rooms.
• City of Franklin: $500,000 to support development of a whitewater park along the Winnipesaukee River in Franklin. • City of Nashua: $367,500 to support development of the 750-seat Nashua Performing Arts Center.
• GALA Community Center, Wolfeboro: $275,000 to renovate the Carroll County Makerspace and Incubator.
• Lakes Region Community Developers, Laconia: $200,000 to support development of the Court Street Neighborhood Center in downtown Laconia.
• Nashua Soup Kitchen and Shelter: $500,000 to support renovation of the elementary school adjacent to St. Patrick’s Church in downtown Nashua.
• NeighborWorks Southern New Hampshire: $175,000 to help redevelop and preserve 14 units of housing in five buildings located in a three-street area on the West Side of Manchester.
• New England Healing Sports Association, Newbury: $200,000 to support renovation and expansion of the organization’s lodge on Mt. Sunapee.
• Northern Forest Center: $200,000 to help redevelop the historic three-story Parker J. Noyes building in downtown Lancaster.
• Palace Theatre Trust, Manchester: $275,000 to support transformation of the 10,000-square-foot vacant and blighted Rex Theatre in downtown Manchester into a 300-seat venue for musicians, theatre, films and community events. • The Homeless Center for Strafford County, Rochester: $250,000 to support development of a new homeless shelter.
• Vaughan Community Services, Conway: $300,000 to help renovate to its child care facility and construct a new food pantry near North Conway village.
• West Claremont Center for Music and the Arts: $400,000 to help redevelop a building in downtown Claremont to create a new facility that will provide a single, central location for West Claremont Center for Music and the Arts programs.

CDFA also has 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:

• City of Lebanon: $75,000 to enable the city to develop the business plan and platform needed to prepare for the launch of Lebanon Community Power, a community choice aggregation program.
• Farmsteads of New England Inc., Epping: $12,813 to strengthen the organization’s internal capacity through the completion of an updated strategic plan.
• Greengard Center for Autism, Portsmouth: $75,000 to develop a new outreach program to expand the range of services the organization can provide.
• New Hampshire Center for Nonprofits, Concord: $75,000 to support the center’s pilot project to support small nonprofit entities to strengthen the internal capacity of their boards and staff.
• New Hampshire Water Works Association, Concord: $28,916 to support the association in a facilitated strategic planning process to further develop its vision.
• TLC Family Resource Center, Claremont: $33,271 to support the center’s strategic planning process.
• Triangle Club Inc., Dover: $75,000 to support the evolution of the club into a professionally staffed nonprofit.

New Hampshire businesses support selected projects by purchasing the tax credits, resulting in the nonprofit receiving a donation and the company receiving a 75 percent tax credit against the business profits tax, business enterprise tax or insurance premium.