LACONIA — Franklin Savings Bank has jump-started the Laconia Area Community Land Trust's (LACLT) tax credit campaign to upgrade its properties by being the first business to purchase $30,000 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 (statewide, more than $4.1 million was recently awarded through the CDFA Tax Credit Program). 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.
"We are so grateful to Franklin Savings Bank for being the first business to purchase credits. We will need a lot of participation from the community, and they quickly stepped up. They are a wonderful community bank, and we are delighted by their leadership," said Harvey.
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.
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 June 30, 2015 and can be used on payment or during a five-year period following purchase.
Franklin Savings Bank provides businesses, organizations and families loan, deposit and investment services throughout Central New Hampshire. Established in 1869, this community bank actively partners with an array of local organizations and activities through financial support and direct participation. With online banking and account opening at its award-winning Internet branch at www.fsbnh.com; investment, insurance & financial planning services offered through Independence Financial Advisors, a wholly-owned subsidiary; offices in Franklin, Bristol, Boscawen, Tilton, Laconia and Gilford; and a home and commercial loan office in Bedford; Franklin Savings Bank effectively serves these and surrounding communities. More information can be found at fsbnh.com and at facebook.com/franklinsavingsbank.
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 Hope Jordan at 603-524-0747, or visit www.laclt.org.