LACONIA — Meredith Village Savings Bank has provided critical support to the Laconia Area Community Land Trust's (LACLT) tax credit campaign 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 (statewide, more than $4.1 million was recently awarded through the CDFA Tax Credit Program).
"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, Meredith Village Savings Bank President and 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 LACLT Executive Director Linda 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.
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. 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.