Funds to Support Critical Services, Revitalization, Community Economic Development Efforts and Affordable Housing
(Concord, N.H.) – The New Hampshire Community Development Finance Authority (CDFA) announced today it has awarded more than $4.5 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 and affordable housing, revitalizing downtowns, historic structures, and community infrastructure in rural communities, as well as supporting community economic development efforts.
“Our tax credit awardees demonstrate a strong commitment to their community through a diverse range of initiatives vital to the resiliency and vibrancy of the Granite State,” commented Katy Easterly Martey, Executive Director, CDFA. “These community builders will bring together public and private partners to drive positive, long-lasting change within our communities.”
The following organizations have been awarded tax credits from CDFA for their respective projects.
- Cathedral of the Pines (Rindge) – $150,000: Tax Credits will support the redevelopment of the Hilltop House and a two-story addition. The expansion of the space will double the capacity for community programming, contributing to regional economic development efforts. The updated and new facilities will strengthen the organization’s collaboration within the community and transform the space into a state-of-the-art indoor year-round venue for lectures, musicians, and community events.
- Colonial Theatre Group (Keene) – $675,000: Funds will help address facility improvements, including increased accessibility, energy efficiency upgrades, enhanced patron services, expanded and flexible performance spaces, and necessary technical upgrades to production systems. The project provides a strong economic benefit to the Monadnock region through increased access to arts and culture, as well as downtown redevelopment.
- The Community Kitchen (Keene) – $62,500: The organization will leverage Tax Credits to make necessary upgrades to improve energy usage while reducing operational costs and improving the operational layout of the facility. These enhancements provide a strong community benefit by supporting the sustainability of the organization and its critical mission of providing food and resources to those in the Monadnock region.
- Currier Museum of Art (Manchester) – $300,000: Tax Credits will assist the organization in purchasing and revitalizing a property in Manchester to support its Artist-in-Residence program, which hosts artists from the United States and worldwide, as well as serve as a venue for workshops and small events. The project provides a strong community benefit through neighborhood revitalization, increasing access to arts and culture, as well as addressing important social issues within the community through art.
- Friends Program (Concord) – $125,000: Funds will assist the Friends Program in renovating the organization’s homeless shelter to improve its ability to support families, as well as adding space for an additional family. The project delivers strong community benefit by providing shelter and critical services so families experiencing homelessness can achieve permanent housing and long-term stability.
- GATHER (Portsmouth) – $187,500: Tax Credits will support the creation of the organization’s Fresh Food Bus, a mobile pantry market that will deliver fresh healthy food to families in need. Funds will help modify a donated bus that will provide a strong community benefit by increasing the organization’s capacity to distribute fresh food to communities throughout the Seacoast – more than doubling the communities and family members it serves.
- Journeys in Education Inc. (Peterborough) – $18,125: Funds will be used to replace the asphalt shingle roof at the Mariposa Museum and World Culture Center, securing the building envelope, protecting the museum’s collection and enabling the organization to continue offering programs serving a diverse range of audiences throughout the Monadnock Region and beyond. The organization provides a strong community benefit to downtown Peterborough and the region through its mission of fostering peace, global awareness, and understanding across cultural boundaries through compelling exhibits, performances and programs, and regional educational partnerships.
- Town of Littleton (Littleton) – $575,000: Tax Credits will support the creation of Riverfront Commons, an economic development and recreation project that will expand downtown public parking, create a connection to the rail trail, establish a Welcome Center and provide a permanent home for a farmers’ market that supports 45 small businesses. The project will provide strong community economic, cultural, and recreation benefits to residents and businesses in the region through the continued revitalization of downtown Littleton.
- Making Matters NH (Concord) – $105,000: The organization will use Tax Credits to purchase equipment for the makerspace. The organization provides a strong community benefit through its support of the arts, innovation, and entrepreneurship in the Concord region by providing access to affordable tools and equipment, collaborative workspace, and education.
- Mayhew Program (Bristol) – $306,250: Funds will support necessary upgrades to the summer camp facility which serves at-risk male youth in New Hampshire. In addition to its residential summer program, the Mayhew Program provides school year mentoring, employment opportunities, and one-on-one goal planning to ensure the youth they serve graduate from high school and establish a plan to lead successful lives. The project provides strong community benefit by supporting facility improvements that will result in enhanced supportive services to New Hampshire youth.
- Monadnock Art X Tech (Dublin) – $62,500: Tax Credits will provide equipment and support renovations of a new ceramic studio space in Dublin. These upgrades provide strong community economic benefits as they are part of a new effort to reactivate and connect the area’s arts community to be an engine of future economic growth in the Monadnock region.
- Newport Opera House Association (Newport) – $181,070: The organization will leverage Tax Credits to upgrade its stage lighting system, install a new audio system and procure a projection system capable of showing high-definition digital movies. The project provides a strong community economic benefit by increasing access to arts and culture, as well as supporting additional economic activity in downtown Newport and the region.
- New Hampshire Community Loan Fund (Statewide) – $325,000: Tax Credits will provide funding for the organization’s Housing Assistance Loan program. This demonstration project provides a strong community benefit by supporting families with low incomes in the purchase of safe, affordable manufactured homes in Resident Owned Communities.
- Portsmouth Submarine Memorial Association (Portsmouth) – $375,000: Funds will be used to support the restoration and preservation of the historic submarine USS ALBACORE, a diesel-powered sub operated by the Navy until 1972. The historic submarine attracts 48,000 visitors to Portsmouth annually, providing strong community economic benefit to the Seacoast region’s economy.
- Seacoast Repertory Theatre (Portsmouth) – $218,750: The organization will leverage Tax Credits for major repairs and renovations to its aging lobby, built in the 1970s. The lobby hosts patrons before, during, and after shows, and also serves as a classroom, community space, cafe, occasional rehearsal space, and box office. The project provides a strong community economic benefit through revitalization efforts that support economic activity in downtown Portsmouth.
- Southeast Land Trust (Epping) – $450,000: Tax Credits will establish the Center for People and Nature at the 237-acre Burley Farms in Epping through the construction of a 7,000 SF energy-efficient building and the rehabilitation of a historic (1785) farmhouse. The project provides a strong community economic benefit through the creation of a working farm, two workforce housing units, as well as access to recreational opportunities and educational programming for people throughout the Seacoast region.
CDFA also 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. CDFA awarded tax credit funds to support capacity building for the following organizations:
- NH Center for Nonprofits – $35,000: Funds will support the Center in its efforts to strengthen the internal capacity for small nonprofit organizations through access to expert resources, guidance, and support to create strong, resilient, and sustainable organizations.
- Lebanon Opera House – $75,000: Resources will help strengthen the organization’s capacity to monitor, assess and respond to changes in the internal and external environment, as well as support the expansion of their mission.
- Greater Meredith Program – $41,000: Funds will help strengthen the organization’s capacity to further advance and build community partnerships to advance the Lakes Center for the Arts project, a 35,000 square foot repurposed post and beam doll factory in Meredith which is to be transformed into an arts and business incubator.
- Front Door Agency – $31,250: Resources will help strengthen the organization’s capacity to deliver services to meet growing needs, as well as assist in the expansion of its marketing and development needs through a fundraising plan.
The awarded resources will further enable those organizations in furthering their missions and serving the needs of New Hampshire communities.
In addition to this year’s selected projects, CDFA’s tax credit program supports New Hampshire’s Regional Development Corporations. The funds will provide capital for the nonprofit Regional Development Corporations throughout the state to collaborate on fostering and encouraging economic development and job creation.
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.
To learn more about CDFA, its impact on New Hampshire communities, and available funding resources, visit www.nhcdfa.org.
About the Community Development Finance Authority
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. For more information about CDFA and its programs visit www.nhcdfa.org or call 603-226-2170.