Applicants Are Strongly Encouraged to Attend Workshops
CONCORD, NH — The Community Development Finance Authority (CDFA) is conducting two Application Writing Workshops for its Tax Credit Program. The program grants state tax credits to nonprofits, cooperatives, and certain municipal entities for affordable housing and community economic development projects that benefit low- and moderate-income New Hampshire Citizens. Potential applicants are strongly encouraged to attend a workshop. CDFA will award up to $6 million in state tax credits.
Each workshop is an all-day event. The morning session will include an overview of the program, application requirements, and an introduction to CDFA’s online electronic Grants Management System. The afternoon session will give potential applicants the opportunity to meet with CDFA staff to discuss their projects, to get advice on the appropriateness of the project for Tax Credit funding, and to assess the organizations capacity to conduct the fundraising necessary for the project’s success.
Potential applicants should attend one of the following workshops:
- Thursday, March 11, 2010, Littleton, NH, 9:00 a.m. - 5:00 p.m., Granite State College – Littleton Area Learning Center; or
- Tuesday, March 23, 2010, Concord, NH, 9:00 a.m. - 5:00 p.m., NH Audubon Society
All attendees must pre-register by March 8 for the Littleton training or March 18 for the Concord training by going to www.nhcdfa.org or by calling CDFA at 603.226.2170.
CDFA seeks innovative projects that show a high degree of community support, build partnerships, and leverage other funds. Organizations that are awarded tax credits are responsible for raising monetary donations in the amount of their tax credit award from for-profit businesses that have a New Hampshire tax liability. These businesses will then receive a 75% tax credit for their donation to be used against the business profits, business enterprise, and/or insurance premium taxes. For instance, a business donating $10,000 to CDFA on behalf of an approved project will receive a tax credit in the amount of $7,500. The donation is also eligible for treatment as a federal charitable contribution.
The deadline for to apply for Tax Credit Program funding is Friday, May 21, 2010. Attendance at an Application Workshop is strongly recommended before submitting an application. The CDFA Board of Directors expects to make funding decisions at its meeting in July. Assistance may be in the form of a grant, loan, credit enhancement, equity investment, or some combination.
CDFA, created by legislation in 1983, is a nonprofit public instrumentality of the State of New Hampshire. CDFA administers nearly $40 million in funding resources, which includes a combination of state tax credits and federal Community Development Block Grant, Neighborhood Stabilization, and Energy Reduction Funds. CDFA supports the development of vibrant and resilient communities by providing resources for community development efforts. For more information about CDFA and its programs visit www.nhcdfa.org or call 603-226-2170.
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