CDFA strives to be responsive to the need for smart solutions to varied issues—child care, transportation, sprawl, and unanticipated events—that are major factors in people’s lives.
Beyond CDFA’s other funding sources for community and economic development projects and programs, CDFA offers capacity building funds through its Housing Futures Fund Program and Regional Development Corporation Capacity Fund.
Housing Futures Fund
The Housing Futures Fund (HFF) awards grants, through the Tax Credit Program, to assist community-based nonprofit housing organizations. HFF grants are intended to build the capacity of participating nonprofits to investigate opportunities, secure financing, and test innovative new solutions for area residents.
The HFF provides operational grants and technical assistance to its grantees (nonprofit housing organizations). The operational grant program enables grantees to focus on housing development and educational outreach to individuals and families in need of quality affordable housing. The technical assistance aspect of the HFF program is implemented by the New Hampshire Community Loan Fund. It provides grantees with several areas of assistance including: supplying needed capital and related technical assistance for projects undertaken for which financing from other sources is unavailable, enhancing the grantees technical capacity, and affordable housing advocacy efforts to create a political climate that is user-friendly for nonprofit affordable housing developers.
While CDFA raises the money through the Tax Credit Program, the Housing Futures Fund Advisory Committee – consisting of representatives from for-profit businesses donors – continues to review applications and make recommendations to the CDFA Board of Directors for final approval. Both the donors and grantees benefit from donor participation on this advisory committee.
The Fund is supported by CDFA, the NH Housing Finance Authority, and generous contributions from TD Banknorth; Citizens Bank; Ocean Bank; Sovereign Bank; Cleveland, Waters & Bass; and Altus Investment Group. Contributions to this fund are currently being accepted.
Application
Typically, applications are accepted every two years and grant amounts are up to $40,000. CDFA will invite eligible organizations to apply.
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Regional Development Corporation Capacity Fund
Regional Development Corporation (RDC) Capacity Fund awards grants, through the Community Development Block Grant (CDBG) and Tax Credit Programs, to assist 10 RDCs. These funds help reduce the amount of time a RDC spends on seeking operational funding, thereby giving it more time to focus on regional economic development activities.
The CDFA Board of Directors realizes that organizational capacity does not develop quickly. Therefore, they currently allocate $250,000 in Tax Credit Program funds and the CDBG Advisory Committee allocates $200,000 in CDBG funds to the New Hampshire Alliance of Regional Development Corporations, a network of economic development organizations that support, enhance, and promote development efforts to their various regions. The Alliance distributes the Tax Credit Program funds to its 10-member RDCs.
Each RDC offers a variety of services that best meet the needs of its constituent communities and businesses, but they all have revolving loan funds to support an array of economic development projects in their service areas.
The revolving loan funds were principally created by loan repayments of CDBG Economic Development grants from the for-profit businesses. CDBG funds are awarded to municipalities that typically sub-grant to an RDC that then loans the funds to for-profit businesses to expand or acquire and develop property. The business guarantees to create or retain jobs that provide good wages, benefits, and training programs for low- and moderate-income people. When the for-profit business repays the CDBG funds, those funds get deposited into the RDC revolving loan funds so additional loans can be made, helping to strengthen the viability of the region.
Application
Typically, applications are accepted once a year. CDFA will invite eligible organizations to apply.
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