MVSB has provided critical support to the Laconia Area Community Land Trust’s (LACLT) tax credit campaign to upgrade its properties by purchasing $50,000 in tax credits from the nonprofit. New Hampshire’s Community Development Finance Authority (CDFA) 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.
“We’re very proud to support the vital work the Land Trust does in the communities MVSB serves,” said Jason Hicks, CFO for Meredith Village Savings Bank and Chair of the Board of Trustees for Laconia Area Community Land Trust. “The demand for affordable housing is greater than ever, and we’re delighted to be able to help the Land Trust provide the opportunities and support needed to meet the growing need.”
“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 for Laconia Area Community Land Trust.
For over 20 years LACLT has been developing permanently affordable housing in the Greater Lakes Region. Currently, LACLT 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.
The Tax Credit Program enables businesses to donate to LACLT in exchange for a state tax credit that can be applied against the New Hampshire business profits, business enterprise, or insurance premium taxes. The actual out-of-pocket expense is less than 11% after allowable State and Federal deductions. Tax credits can be purchased to benefit LACLT now through March 31, 2015 and can be used upon payment or during a five-year period following purchase.
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 about purchasing tax credits from LACLT in support of their Portfolio Strengthening Initiative contact Linda Harvey at 603-524-0747, or visit www.laclt.org.
Photo: Jason Hicks, CFO for Meredith Village Savings Bank, Paul Charlton Vice Chair for the Laconia Area Community Land Trust Board of Directors, and Stuart LaSalle Finance Director of the Laconia Area Community Land Trust photographed at a LACLT property that has benefitted from Portfolio Strengthening Initiative funds.