Photo caption (left to right): Carmen Lorentz, Executive Director of Lakes Region Community Developers and Lori Borrin, VP Loan Officer at MVSB, and Board Member of Lakes Region Community Developers.
We are proud to support Lakes Region Community Developers (LRCD) with the purchase of $35,000 in tax credits through the New Hampshire Community Development Finance Authority (CDFA) to go towards renovations at LRCD’s new headquarters at 193 Court Street in Laconia.
In 2019, LRCD bought the old Walter’s Market with the plan to turn it into their forever home. The first phase of renovations included interior restorations and repairs to suit the organization’s programmatic needs, adding new insulation and siding on the southwest-facing exterior wall, and improving the building’s front façade. The tax credits will be used for the still to be completed list of energy efficiency, safety, and aesthetic improvements. LRCD still has $9,000 in-state business tax credits to sell by May 31, 2021, to complete these enhancements.
“We are very proud to support LRCD’s mission of creating opportunities for the Lakes Region to thrive by developing healthy homes, generating energetic and productive community properties, and reaching out to interact with residents,” said Rick Wyman President of Meredith Village Savings Bank. “Thinking creatively to address housing challenges helps maintain fundamental to the strength of our communities and we are pleased to help further this initiative.”
“We are grateful for community partners like Meredith Village Savings Bank. They have invested in our work in many ways over the years,” said Carmen Lorentz, LRCD Executive Director. “Without their partnership and investment, it would be difficult to do what we do.”
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 Community Development Finance Authority (CDFA). Any business with operations in NH that contributes to a CDFA tax credit project receives an NH state tax credit worth 75% 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 NH 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. For more information, visit nhcdfa.org.
LRCD is a non-profit housing and community development organization whose mission is to create opportunities for the Lakes Region to thrive by developing healthy homes, creating vibrant community assets, and engaging residents. Over its 27-year history, LRCD has developed 366 healthy rental homes in six Lakes Region towns, including Laconia. In 2017, they expanded their mission to include community building & engagement programming for the people who live in their properties. Their goal is for everyone in the Lakes Region to live in healthy housing, regardless of their income.
