Merrimack County Savings Bank (The Merrimack) is helping create affordable housing in Nashua with a $50,000 donation to NeighborWorks Southern New Hampshire. Funded through the Community Development Finance Authority (CDFA), the contribution will support the construction of a 45-unit apartment building on Main Street.
“Support from donors, like The Merrimack, helps us create safe and affordable housing as we continue our efforts to revitalize Nashua’s Tree Streets neighborhood,” said Robert Tourigny, Executive Director, NeighborWorks Southern New Hampshire.
The new apartment building located at 249 Main Street will include 19 one-bedroom and 26 two-bedroom units, as well as a community room and laundry facilities on-site. Once complete, 34 apartments will be available for low-income households and 11 apartments at market rate.
“We’re proud to be a longtime advocate of NeighborWorks and the important services they provide across Central and Southern New Hampshire,” said Linda Lorden, President of The Merrimack. “In the midst of a housing crisis, projects like this are critical to help meet the growing demand.”
Founded in 1992, NeighborWorks Southern New Hampshire is a non-profit organization that enhances people’s lives and the community by providing access to quality housing services, revitalizing neighborhoods, and supporting opportunities for personal empowerment. Through financial wellness education and counseling programs, NeighborWorks helps financially disadvantaged households achieve economic stability so they can build a better future for themselves and the communities in which they live. For more information on NeighborWorks visit, nwsnh.org.
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.