Article Archives: New Hampshire
New Hampshire State Tax Credits
The New Hampshire Community Development Finance Authority was created in 1983 to support affordable housing, economic development, and community development activities targeting low- and moderate-income citizens in New Hampshire. To achieve its mission, the authority uses several programs, including the Community Development Investment Program, which is a state tax credit program that provides for-profit businesses (including banks) opportunities to support community development projects throughout the state.
Under the Community Development Investment Program, qualified nonprofit organizations and municipalities engaged in community development activities apply for state tax credit awards through the New Hampshire Community Development Finance Authority. Organizations receiving tax credit awards must raise money for their specific projects within certain time frames. For-profit businesses can invest cash, securities, or property to help fund these various housing, economic, or community development projects. In exchange for these donations, the businesses receive a 75 percent state tax credit. Examples of recent tax credit opportunities include funding to construct a community center to provide programs and services for at-risk families and youth; funding to support the expansion of a state-wide food bank; funding for the construction of a community health center; and funding for a program providing foreclosure prevention assistance.
To learn more, call Chris Conlogue, Community Development Operations Manager, at (603) 717-9111, or visit the New Hampshire Community Development Finance Authority Web site.
[Community Developments Investments, July 2011]
Seacoast Workforce Housing
The Workforce Housing agencies of the Greater Seacoast is a coalition of businesses, government agencies, and community groups, dedicated to the development of a range of housing options for the diverse workforce in the Greater Seacoast region of New Hampshire and Maine. Its goals through 2006 are to promote municipal land-use ordinances and regulations that will: (1) create workforce housing through coordination with and support of Regional Planning Commissions; (2) educate businesses, concerned citizens, and municipalities regarding workforce housing's connection to regional economic vitality; (3) act as convener of municipalities, developers, and communities to offer best practices/models of successful workforce housing; (4) develop and support a legislative agenda to increase the supply of workforce housing; and (5) increase financial resources for housing production (i.e. explore a regional housing trust fund).
Financial institutions interested in joining this coalition should call (603) 766-3131 or send an e-mail to email@example.com.
[Published in News from the Districts, Community Developments, Spring 2006]
Investing in Sustainable Forestry
Rural banks in northern New England and upstate New York now have the opportunity to invest in a vital industry sustaining their communities: forestry. Under a new investment fund introduced by Coastal Enterprises, Inc., banks can receive tax credits for their participation in a program providing long term working capital for sustainable timber harvesting and forest management across the northern regions of Maine, New Hampshire, Vermont and New York. The project has received an allocation of New Markets Tax Credits, and investors purchasing these tax credits will be capitalizing a fund supporting forest-based businesses such as paper mills while helping to sustain jobs and maintain working forests and receiving a direct credit to federal taxes at the same time. Last year, Coastal Enterprises celebrated its 25th year of providing critical support to community development initiatives in Maine, and is now expanding its market to encompass all of the northern New England and upstate New York.
For further information about this and other funds in these rural geographies, contact Coastal Enterprises, Inc, at (207) 882-7552.
[Published in News from the Districts, Community Developments Investments, Summer 2004]