From left, David McMahon, MVSB Branch & Business Development Manager; Olivia White, Portsmouth Housing Authority Director of Resident Services; and Jim Carrigan, MVSB RVP.
The Portsmouth Housing Authority was recently awarded tax credits through the New Hampshire Community Development Finance Authority (CDFA) to support the Sherburne School Workforce Housing Project. MVSB purchased $10,000 in tax credits to help advance the redevelopment of the former Sherburne School site into affordable housing for local workers and families.
“The Sherburne School Workforce Housing Project represents a significant investment in Portsmouth’s future,” said Craig Welch, Executive Director of the Portsmouth Housing Authority. “By transforming a former school campus into affordable housing, we’re creating opportunities for local workers and families to live in the community they help support every day.”
“Strong, vibrant communities depend on affordable housing,” said David McMahon, MVSB Branch & Business Development Manager. “We’re proud to support a project that will create long-term housing opportunities for local residents and help address a critical need in the Seacoast.”
The Sherburne School Workforce Housing Project will redevelop the former school property into 90 permanently affordable homes, including a mix of one-, two-, and three-bedroom apartments. The development is designed with a strong emphasis on housing for working families and will preserve elements of the historic school as part of the site’s transformation into a vibrant residential community.
Located near schools, employment centers, healthcare services, and public transportation, the project will help address Portsmouth’s housing shortage while supporting the local workforce and economy.
The Portsmouth Housing Authority develops and manages affordable housing opportunities that help individuals and families live and thrive in the Seacoast. Go to portsmouthhousing.org to learn more.
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.
