Merrimack County Savings Bank (the Merrimack) has purchased $5,000 in tax credits through the New Hampshire Community Development Finance Authority (CDFA) in support of Family Promise of Southern NH in Nashua. Funds will go toward their Building Home, Building Hope Capital Campaign.
The campaign has entered the second phase of expansion and renovation on their Nashua-based property on 3 Crown Street. This property is a transitional residence facility for local families experiencing homelessness. Several families have already moved in upon completion of phase one last spring. Campaign funds support the addition of 16 family suites.
“We are grateful for the incredible work and resources Family Promise provides to the underserved in our community,” said Linda Lorden, President of the Merrimack. “Their transitional housing facility offers a safe place for healing, a sense of control and privacy. We understand that people trying to seek refuge from crisis require as much support and kindness as possible, and we’re always happy to help.”
“We can’t thank the Merrimack enough for supporting our mission,” said Pamela Wellman, Executive Director of Family Promise of Southern NH. “Tax credit purchases from community businesses like the Merrimack helps the expansion of our transitional housing program, as well as programs and services created for residents.”
Family Promise was established to provide shelter, meals, hospitality and support through a network of local congregations and an interfaith group of hundreds of volunteers. For more information, please visit familypromisesnh.org. Visit nhcdfa.org/family-promise-of-southern-new-hampshire for more information on purchasing CDFA tax credits for the organization.
CDFA tax credits allow businesses to fund qualifying economic or community development projects in exchange for a tax credit that can be applied against state business tax payments. The tax credits are administered by the New Hampshire CDFA. Any business with operations in New Hampshire that contributes to a CDFA tax credit project receives a New Hampshire state tax credit worth 75 percent of their contribution. The credit can be used over a period of five years to reduce the business’ state tax liability (business profits, business enterprise, or insurance premium taxes). The tax credit program allows New Hampshire businesses to use their state tax dollars to support local projects that they care about. CDFA reviews many project applications each year, and awards tax credits to those they determine are feasible and will make the biggest impact on economic development in the state. Visit nhcdfa.org for more information.