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Gale School Redevelopment Project
The project will transform the dilapidated Gale School in Belmont, NH into a vibrant community facility hosting a childcare center operated by the Boys & Girls Club of Central NH and a program center operated by Lakes Region Community Services (LRCS). The childcare center will add 35 new childcare slots to the Lakes Region. The LRCS Program Center will serve over 100 families.
The Gale School was built in 1894, and was used by the Belmont school district until the mid-1980s. The Gale School has been vacant since then, and years of neglect have taken their toll. The Gale School was named to the New Hampshire State Register of Historic Places in 2018, and was selected as one of New Hampshire’s Seven to Save in 2017.
In July 2020, the building was successfully moved by the local Save Our Gale School Committee (SOGS) to a new location at 60 Concord Street in Belmont Village. Lakes Region Community Developers (LRCD) agreed to partner with SOGS to redevelop the building. Once LRCD assembles all the funding for the renovations, SOGS will donate the land and building to LRCD and the Gale School will become part of our real estate portfolio.
This project will save a beautiful piece of history, while providing affordable space for the Boys & Girls Club and Lakes Region Community Services to expand their programming.
The project will transform the dilapidated Gale School in Belmont, NH into a vibrant community facility hosting a childcare center operated by the Boys & Girls Club of Central NH and a program center operated by Lakes Region Community Services (LRCS). The childcare center will add 35 new childcare slots to the Lakes Region. The LRCS Program Center will serve over 100 families.
The Gale School was built in 1894, and was used by the Belmont school district until the mid-1980s. The Gale School has been vacant since then, and years of neglect have taken their toll. The Gale School was named to the New Hampshire State Register of Historic Places in 2018, and was selected as one of New Hampshire’s Seven to Save in 2017.
In July 2020, the building was successfully moved by the local Save Our Gale School Committee (SOGS) to a new location at 60 Concord Street in Belmont Village. Lakes Region Community Developers (LRCD) agreed to partner with SOGS to redevelop the building. Once LRCD assembles all the funding for the renovations, SOGS will donate the land and building to LRCD and the Gale School will become part of our real estate portfolio.
This project will save a beautiful piece of history, while providing affordable space for the Boys & Girls Club and Lakes Region Community Services to expand their programming.
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Need for Childcare & Family Supports
According to Child Care Aware of New Hampshire, prior to the pandemic, the Laconia-Belmont area needed more than 350 additional childcare slots to meet demand. Lack of quality, affordable childcare is a significant workforce constraint in the Lakes Region. As the pandemic subsides and people return to work, the gap in childcare slots is growing because smaller childcare centers have closed permanently during Covid. A new childcare center operated by the Boys & Girls Club will be a welcome addition to the community.
Additionally, many people in our community thrive with supportive services. The Gale School will expand the reach of Lakes Region Community Services’ programming, which gives individuals with developmental disabilities or acquired brain disorders and their families the tools to succeed, including employment services, parent education, and elder services. This programming empowers and supports families, helping them successfully work at our local businesses and volunteer in our communities.
Lakes Region Community Developers is proud to partner with these two outstanding local organizations. One of our goals is to serve as a developer of real estate that meets the needs of partners like LRCS and the Boys & Girls Club. This partnership enables them to focus their resources on their missions instead of having to spend critical staff time on facilities development.
According to Child Care Aware of New Hampshire, prior to the pandemic, the Laconia-Belmont area needed more than 350 additional childcare slots to meet demand. Lack of quality, affordable childcare is a significant workforce constraint in the Lakes Region. As the pandemic subsides and people return to work, the gap in childcare slots is growing because smaller childcare centers have closed permanently during Covid. A new childcare center operated by the Boys & Girls Club will be a welcome addition to the community.
Additionally, many people in our community thrive with supportive services. The Gale School will expand the reach of Lakes Region Community Services’ programming, which gives individuals with developmental disabilities or acquired brain disorders and their families the tools to succeed, including employment services, parent education, and elder services. This programming empowers and supports families, helping them successfully work at our local businesses and volunteer in our communities.
Lakes Region Community Developers is proud to partner with these two outstanding local organizations. One of our goals is to serve as a developer of real estate that meets the needs of partners like LRCS and the Boys & Girls Club. This partnership enables them to focus their resources on their missions instead of having to spend critical staff time on facilities development.
How Do the Tax Credits Work?
These tax credits are administered by New Hampshire Community Development Finance Authority (CDFA), which reviews many project applications each year and awards tax credits to those it determines are feasible and will make the biggest impact on economic development in New Hampshire.
Any business with operations in NH that contributes to a CDFA tax credit project receives a 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). In addition, the contribution may be treated as a charitable donation for federal tax purposes.
We have a total of $750,000 in tax credits to sell. We had $500,000 to sell during state fiscal year 2022 (July 1, 2021 through June 30, 2022) and another $250,000 during state fiscal year 2023 (July 1, 2022 through June 30, 2023). All $500,000 for this year have been sold! Businesses interested in purchasing tax credits next year for the Gale School project should contact Carmen Lorentz at LRCD by calling (603) 524-0747, ext 110.
CDFA’s tax credit program is a great way for NH businesses to use their state tax dollars to support local projects that they care about.
For more information, including a tax credit calculator, visit: https://nhcdfa.org/investing-in-nh-communities/tax-credit-program/
If you would like more information about how your business can support this project, please contact Carmen Lorentz at (603) 524-0747 ext 110 or [email protected]. Thank you.
