The New Hampshire Community Development Finance Authority (CDFA) announced today it has awarded $5 million in tax credits to projects throughout New Hampshire. The funds will have a significant impact on 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 are providing increased access to critical services, revitalizing downtowns, as well as supporting workforce development and the creation of affordable housing,” said the CDFA.
Twenty-two entities are receiving funding, including West Claremont Center for Music and the Arts and the TLC Family Resource Center, also in Claremont.
West Claremont Center for Music and the Arts (Claremont) – $400,000: Tax credits will be used to 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. The new space is planned to include performance and gallery spaces, an art studio, practice rooms, a screening room, recording facility and commercial kitchen. The project will provide strong economic benefit to the Claremont area through increased access to arts and culture, as well as enhance downtown revitalization.
TLC Family Resource Center, also in Claremont, will receive $33,271: L5 Capacity Building funds will support the TLC Family Resource Center in a strategic planning process to evaluate its programs and services, as well as enhance collaboration with area organizations.
City of Lebanon will also receive funding— $75,000: L5 Capacity Building funds will be used to enable the City of Lebanon to develop the business plan and platform needed to prepare for the launch of Lebanon Community Power, a community choice aggregation program. The municipal aggregation construct is an innovative, forward-looking program and provides substantial positive opportunity for meaningful and effective local and community engagement on critical energy issues and the development of innovative programs, products and services.
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.
The Community Development Finance Authority (CDFA) is a statewide nonprofit public authority focused on maximizing the value and impact of community development, economic development and clean energy initiatives throughout New Hampshire. The organization leverages a variety of financial and technical resources, including the competitive deployment of grant, loan and equity programs. Those resources include New Hampshire state tax credits, federal Community Development Block Grant resources and the CDFA Clean Energy Fund.