The NH Community Development Finance Authority (CDFA) awarded $7.64 million through its Tax Credit Program (a.k.a. the Community Development Investment Program (CDIP)) to NH organizations that make “local communities thrive and become more resistant.” The Way Home, an MCoC member, received an award of $287,500 in tax credits to fund its Laurel Keys Supportive Housing Program in Manchester (housing for homeless Veterans).
“There remains a great need in New Hampshire to promote economic development, promote vibrant communities, and help organizations that serve low-to-moderate income residents,” said David Wood, CDFA Board Chairman. “Through private sector donations in exchange for tax credits, these outstanding projects are creating the environment in which New Hampshire has become one of the most livable states in the nation.”
The program works like this: businesses invest cash, securities, or real property in exchange for a 75% state tax credit, which can be applied against the NH business profits, business enterprise and insurance premium taxes. The investments provided by businesses fund CDFA-approved projects (e.g. The Way Home’s Laurel Keys Supportive Housing). Those that receive awards through this program must raise “donations in the amount of their tax credit award from for-profit businesses that have a New Hampshire state tax liability.” Each year, CDFA awards up to $5 million in tax credits. However, due to other obligations and rollovers, just under $8 million is available for FY2012 and FY2013.
For more information, see the full press release, or visit CDFA’s website. [The press release is no longer available on the CDFA’s website].
And, last but not least, congratulations to The Way Home!