Increase the CDFA
March 20. 2017 1:33AM
To the Editor: I am writing to voice my strong support for HB 574. This bill would increase the tax credit program administered by the New Hampshire Community Development Finance Authority (CDFA) from the current level of $5 million to $10 million. This program benefits local nonprofit causes tremendously in that it provides an incentive for businesses to direct their hard earned revenue to a cause that they support.
Local nonprofit organizations, like the Boys & Girls Clubs of Central New Hampshire, have benefitted greatly from this program as we successfully completed three capital campaigns in Concord, Allenstown and Laconia, respectively. More specifically, we recently built a facility in Allenstown and renovated a facility in Laconia. Neither project would have been successful had it not been for the CDFA tax credit program.
One unique aspect of our Allenstown facility is that it is home to both the Boys & Girls Club and Suncook Senior Center, providing the community with a multi-generational space that fosters growth and meaningful relationships between local youth and seniors. Without the support of CDFA’s tax credit program, innovative and transformative community development projects like the Allenstown Community Center, the benefits of which we’ll see across generations for many years to come, would not have been possible.
By supporting HB 574, we can effectively boost the positive impact nonprofits and businesses have on their local communities.