The NH Community Development Finance Authority (CDFA) announced last week that it had awarded $5 million in tax credits to projects throughout NH. The funds will significantly impact initiatives that advance local community economic development goals, capacity building for the NH nonprofit sector, and support for economic development across the state.
Projects receiving tax credits provide increased access to housing, critical transportation services, affordable childcare, and early childhood education and revitalize neighborhoods, downtowns, and historic structures in rural communities while supporting community economic development efforts.
“Through public-private partnerships, this year’s awardees attend to critical needs within our communities such as increased access to quality housing and transportation, creating new economic opportunities through affordable, quality childcare and job creation; and revitalizing neighborhoods and downtowns,” stated Katy Easterly Martey, Executive Director, CDFA.
“Organizations awarded Tax Credit resources have demonstrated a strong commitment to their communities — amid continued uncertainty and significant challenges — which speaks to the resilience and spirit of the Granite State,” continued Easterly Martey. “These community builders drive positive, long-lasting change within our communities.”
the following local organizations have been awarded tax credits from CDFA for their respective projects:
■Boys & Girls Clubs of Central NH (Penacook) — $450,000: The Boys & Girls Club of Central NH will use Tax Credit funds to transform the Penacook Community Center into a 7,500 square foot childcare and youth development center. The project meets a critical community need by increasing access to affordable, quality childcare and youth services.
■City of Franklin (Franklin) — $400,000: Tax credits will support the final development phase for Mill City Park at Franklin Falls, a whitewater park along the Winnipesaukee River in Franklin. The project will support downtown revitalization efforts underway by creating a tourism destination and contributing to increased economic activity in Franklin.
■COAST (Dover) — $400,000: Tax Credits will be used to construct a new facility to support the administration, operations, and maintenance needs of COAST, a nonprofit public transportation agency serving the Seacoast region.
■Downtown Concord Winter Farmers’ Market (Concord) — $300,000: Tax Credits will support the development of a permanent, accessible location for the Downtown Concord Farmer’s Market. The project will create a new community space while increasing opportunities for small business owners and agricultural producers.
■Regional Economic Development Center of Southern NH (REDC) (Statewide) — $350,000: Funds will support the capitalization of the New American Loan Fund, which is focused on addressing the inequities of accessing necessary financial capital for recent immigrants to NH to open businesses. The investment will result in increased access to capital for New Americans and expand the program’s impact.
CDFA also awarded tax credit funds for its L5 Capacity Building Program, which focuses on providing an infusion of capital at a pivotal point in a nonprofit organization’s development. The awarded resources will further enable those organizations to further their missions and serve NH communities’ needs. CDFA awarded tax credit funds to support capacity building for the following organizations:
■Business Alliance for People of Color (Statewide) — $110,000: The Business Alliance for People of Color will use Tax Credits to deepen capacity as they transition from an all-volunteer organization to hiring staff. The project will enable BAPOC to continue to build its model for communication and dissemination of information to underserved communities related to business formation, support, and education to encourage entrepreneurialism and small and micro-business formation. BAPOC is an alliance of businesses working in solidarity to advocate on behalf of and provide support for the NH BIPOC business owner community.
■Making Matters NH (Concord) — $90,000: Making Matters NH will use Tax Credits to increase authentic community collaborations by hiring a part-time staff member. The project will enable the organization to build sustained partnerships, increase memberships, expand programming, and position skilled volunteers to focus on classes and training rather than community outreach and administration. Making Matters NH offers access to incredible equipment with a woodshop, textile space, prototyping, an electronics lab, a machine shop, and a bicycle repair shop sponsored by Pedros North America.
■Mark Stebbins Community Center (Manchester) — $40,000: The Mark Stebbins Community Center will use Tax Credits to support the build or repurposing of a new facility and bring new resources to the West Side of Manchester an under-resourced area of the city. The project will engage a project facilitator to bring together a wide range of nonprofits and community agencies to plan the initiative and offer services on the West Side. The Mark Stebbins Community Center is seeking to acquire a building to co-locate services, collaborate across service and community partners, and deliver services that are culturally sensitive and specifically align with the needs of community residents.
■Overcomers Refugee Services (ORS) (Statewide) — $130,000: Overcomers will use Tax Credits to deepen capacity and build an initiative to help refugees help other refugees become trained, employed, housed, and contributing citizens of NH. The project will enable the organization to improve systems, training, and support services that will help ORS explore new and expanded services. ORS is led by and works with immigrant community members. They have demonstrated strong community impact in their efforts to support immigrant community members in finding employment, starting small businesses, and placing them in stable housing.
■ Safari Youth Club (Greater Manchester) — $130,000: Safari Youth Club will use Tax Credits to strengthen its capacity to provide high-quality academic, social, and recreational programs for vulnerable refugee youth and their families living in Greater Manchester. Founded in 2014, SYC was created to support vulnerable refugee youth and families struggling within the school system.
■Spark the Dream (Manchester) — $130,000: Spark the Dream will use Tax Credits to build capacity towards purchasing a property that will house their two Unity Is Strength programs: the Ujoma Day Care for pre-schoolers and Zero to Hero after school program. The building will also serve as the office and base operations for their staff and organization. Spark the Dream has a vision of providing a place for young African immigrants to connect to their roots and culture.
NH needs a strong, effective nonprofit network with the capacity to support our communities and envision, create, and implement broad-based community economic development projects as we recover from the lasting impact of the COVID-19 crisis. CDFA is committed to assisting NH’s nonprofits in becoming more resilient during this time of significant economic disruption. In 2021, CDFA will help support nonprofits awarded through the L5 Capacity Building Program by raising $395,075 in Tax Credits for State Fiscal Year 2022 (July 1, 2021 to June 30, 2022). Additional information on how businesses can support nonprofits engaged in this work can be found here: nhcdfa.org/CapacityBuilding.
In addition to this year’s selected projects, CDFA’s tax credit program supports NH’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. NH businesses support the selected projects by purchasing the tax credits, resulting in the nonprofit receiving a donation and the company receiving a 75% NH 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 NH communities, and available funding resources, visit www.nhcdfa.org.