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Northway Bank purchases tax credits from local affordable housing group

LACONIA — Northway Bank has recently purchased $2,500 in tax credits from the Laconia Area Community Land Trust.

Since its formation in 2005, Northway Bank has been a member of the Land Trust and a sponsor of the non-profit's home ownership programs.

New Hampshire’s Community Development Finance Authority (CDFA) 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 are being used to upgrade 60 units of LACLT’s permanently affordable rental housing, many of which are showing significant wear and tear.

LACLT, which develops permanently affordable housing in the Greater Lakes Region, is working on a Portfolio Strengthening Initiative for its earliest properties. For years, these 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 percent 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.

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.

 
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