NH businesses benefit from statewide tax-credit program
The Community Development Finance Authority’s board of directors announced almost $6 million in statewide tax credits on July 17.
CDFA Chair Janet Ackerman said the 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.”
Ackerman explained that the tax credits, which can be purchased from the organizations, can be applied against the New Hampshire business profits, business enterprise, or insurance premium taxes.
CDFA executive director Taylor Caswell said the tax credits provide “businesses an unprecedented opportunity to invest in their own communities” while District 1 Executive Councilor Joe Kenney, R-Wakefield, noted that the tax credits will help leverage more than $10.5 million for projects in his district, which comprises almost all of the state north of Concord.
Littleton is in Kenney’s purview and for Fiscal Year 2015-16 it will receive $500,000 for its “Reconnect Project” to unite the River District along banks of Ammonoosuc River with Main Street to the north.
Earlier this year, Littleton’s River District Redevelopment Commission unveiled more than $200,000 worth of privately-funded “demonstration projects” whose overall aim is to make Littleton a more welcoming place by better connecting the downtown to the Ammonoosuc.
In addition to the CDFA tax credits, the RDRC and town of Littleton have applied for $6 million in a Transportation Investment Generating Economic Recovery (TIGER) grant from the federal government; recipients will be announced sometime in September.
Other CDFA tax-credit recipients include:
-- The Grafton County senior centers which will receive a $518,593 credit to upgrade facilities in Lebanon, Plymouth, Littleton, Canaan, and North Haverhill.
-- The Greeley House Renovation in Enfield garnered a $187,500 credit to restore a historical building which will include affordable housing units and office space.
-- The Boys and Girls Club of the Lakes Region in Laconia, was awarded $500,000 in credits to complete the rehabilitation of the former St. James Episcopal Church building and its transformation into a clubhouse that will serve 300 children.
-- The WOW Trail in Laconia was tabbed for a $125,000 credit, to complete Phase II of the multi-use recreational trail which will extend west from downtown Laconia to the Belmont town line.
-- The Goodwin Community Health in Somersworth garnered a $150,000 credit, to expand facility technologies and services to its 8,000 patients.
-- The Salem Bicycle-Pedestrian Corridor was named for a $125,000 credit, to complete the last 1.67 miles of a 5.1-mile walking corridor which will facilitate access to businesses and clean out old rail beds along Broadway.
-- The NH Institute of Art in Manchester, tabbed for $367,250 in credits, toward the rehabilitation of the abandoned former St. Anne church and its use as an art lab to serve more than 100 children.
-- Serenity Place in Manchester, earned a $750,000 credit, to be applied toward a $3 million redevelopment of three dilapidated buildings in the downtown. The renovated space will be used to provide care to additional patients, create commercial office space, and provide six new units of affordable housing.
-- SHARE Outreach of Milford was selected for a $62,500 credit, which 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.
-- Suncook Community Center, tabbed for a $700,000 credit, to build a new Boys and Girls Club at their current location in Whitten Street Park.
-- Westmill Senior Housing in Keene, selected for $450,000 credit, to be applied toward a $5.25 million, 26-unit affordable housing project for senior citizens in the revitalized Railroad Yard.
-- Hannah Grimes Center in Keene, chosen for a $425,000 credit, to renovate the business incubator’s second floor, creating space for 12 new micro-businesses.
-- The Park Theatre in Jaffrey, which garnered a $550,000 credit, to complete the rebuilding of a downtown performing arts center.