LACONIA — Belknap Landscape Company has been a longtime supporter of the Laconia Area Community Land Trust and continues to be with the purchase of $10,000 in state tax credits.
"Belknap Landscape is proud to be a sponsor of the Laconia Area Community Land Trust," stated owner, Hayden McLaughlin. "This organization supports so many in need in this area, and we are proud to be a sponsor. As in our business, building relationships is instrumental to a successful business, and partnering with LACLT is who we are. Thank you for this wonderful opportunity to support all the good work the LACLT does for our community."
Last year, LACLT was awarded a total of $500,000 in tax credits to sell by New Hampshire's Community Development Finance Authority (CDFA). Once the credits are sold to business donors, LACLT can use the proceeds to continue upgrading 60 units of permanently affordable rental housing in Laconia. LACLT's mission is to provide permanently affordable housing and support programs to low- and moderate-income families so that they become economically self-sufficient. LACLT's tenants are employees of many area businesses and comprise a large portion of workforce in the Lakes Region in healthcare, manufacturing, service and hospitality industries.
Twenty years ago, LACLT began rehabbing scattered-site apartments in Laconia to create permanently affordable housing for working families. Now with the tax credits to fund a Portfolio Strengthening Initiative for these properties, LACLT is further investing in these community assets with capital improvements and green investment. LACLT seeks to improve performance by reducing expenses through roof repairs, boiler upgrades, installing new green flooring and energy-efficient fixtures, among other improvements.
Last year more than $4.1 million was recently awarded through the CDFA Tax Credit Program. Twenty-three community projects throughout the state sought tax credit funding; LACLT's Portfolio Strengthening Initiative was one of only three applications awarded its full request. 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 state tax credit is equal to 75% of that contribution. In addition, the contribution may be treated as a charitable deduction to the extent the federal laws allow. Tax credit may be carried forward during a five-year period. After both state and federal tax benefits are accounted for, a contribution of $10,000 actually costs the company less that 11% or $1,100. LACLT is responsible for securing donations/pledges from for-profit companies with a New Hampshire state tax liability.
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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