MVSB recently provided critical support to the Laconia Area Community Land Trust (LACLT) to upgrade its properties by purchasing $40,000 in tax credits from the nonprofit. New Hampshire’s Community Development Finance Authority (CDFA) recently awarded LACLT $500,000 in tax credits to sell to businesses. Proceeds from the sales will be used to upgrade 60 units of LACLT’s permanently affordable rental housing, many of which are showing significant wear and tear.
“MVSB’s relationship with the Laconia Area Community Land Trust has grown naturally out of our common commitment to community development and financial education,” said Sam Laverack, President & CEO. “We are so pleased to be able to provide this additional support to aid in their efforts to provide high quality, affordable housing across the Lakes Region.”
“We enjoy a terrific partnership with Meredith Village Savings Bank. It is a wonderful local bank which has long supported important community projects, including ours. We are very grateful for all their support and for their purchase of these credits,” said Linda Harvey, Executive Director or LACLT.
LACLT, which is celebrating 20 years of developing permanently affordable housing in the Greater Lakes Region, is working on a Portfolio Strengthening Initiative for its earliest properties, which for years have provided safe, well-managed homes for hundreds of people while increasing property values and tax revenue. Because LACLT remains committed to preserving these permanently affordable community assets, the aging units need a capital infusion to position them for success for the next two decades.
Laconia Area Community Land Trust, a 501(c)(3) nonprofit, is a member of NeighborWorks® America, and is supported in part by membership donations and the Granite United Way. Its mission is to assist low and moderate income families achieve economic self-sufficiency through the development of permanently affordable housing opportunities and associated support programs. For more information, please visit www.laclt.org.
Photo Caption: (Left to Right) Linda L. Harvey, Executive Director of the Laconia Area Community Land Trust (LACLT), Meredith Village Savings Bank President & CEO Sam Laverack and LACLT Board Vice Chair Paul Charlton