The Community Development Finance Authority (CDFA) was established by legislation (RSA 162-L) in 1983 to address the issues of affordable housing and economic opportunity for low and moderate income New Hampshire residents.
CDFA is an instrumentality of the state. That means were are both a body politic and a nonprofit corporation.
CDFA has had a long and unique history of raising funds and providing creative financing to community and economic development projects and programs in New Hampshire. From the early history of being expected to raise funds by accepting donations and selling stocks; to legislation that was created and then terminated three years later that enabled CDFA the unique ability to grant state tax credits for community development projects; to new legislation and establishment of the Community Development Investment Program; to the creation of the New Hampshire Main Street Center; to administer the New Hampshire Community Development Block Grant Program; and most recently the responsibility of creating and administering the Neighborhood Stabilization Program and the BetterBuildings program.
In our early years, CDFA financed community development projects through an investment fund. Donations of foreclosed property from area banks made up a large amount of the investments. It was a very high concept program, but some major projects came together in those years. The authorization to issue tax credits expired in 1994. In July 1999, we launched our Tax Credit Program, enabling businesses to directly invest in these worthy projects and receive a 75% above-the-line tax credit.
Over the years, CDFA has played a role in financing some of the most important, most recognizable projects in New Hampshire. Just a small sample of successful projects include:
- Capitol Center for the Arts
- Canterbury Shaker Village vistors center
- Mountain View Grand
- The Elliot at River's Edge
- Grappone Conference Center
- Strawbery Banke visitors center
- Keene Downtown Revitalization project
- US First
- Children's Museum of NH
In addition to administering the state Tax Credit Program, we took over the federal Community Development Block Grant in 2003. CDFA inherited the CDBG from the now-defunct Office of State Planning, overseeing between $7-10 million in grants to municipalities and counties throughout New Hampshire.
In 1996, CDFA established the New Hampshire Main Street Center, which worked with communities that wished to maintain and revitalize their downtown areas. For more than ten years, NHMSC helped communities strengthen their Main Streets and village centers. After funding dried up, we closed NHMSC in 2007.
The BetterBuildings program launched in 2010, our first program directed to consumers as well as businesses. Funded through an ARRA grant, BetterBuildings will sunset in May 2013.
CDFA is committed to strengthening New Hampshire's communities. Explore our website for more, or feel free to give us a call about anything on your mind.
The Organizational Development and Opportunity Committee will meet Tuesday
The Board of Directors of CDFA will hold its monthly meeting
The Loan Committee will meet on Tuesday
Applications for organizations interested in microenterprise funding must be submitted by close of business today.
The CDAC will consider the applications for the first round of Housing and Public Facilities grants.