Northway Bank purchased $25,000 in New Hampshire business tax credits from Lakes Region Community Developers (LRCD) to support the final phase of renovations later this year at 193 Court Street, Laconia. LRCD was awarded $200,000 in tax credits and has $9,000 left to sell by May 31st.
“This project contributes to revitalization of downtown Laconia and enhances LRCD’s ability to carry out its mission,” said Christopher Dickinson, Senior Vice President, Commercial Banking Group of Northway Bank. Chris is also a member of the LRCD Board. “As a community bank, we care deeply about housing and community development, which is what LRCD does. Investing in the Court Street project makes perfect sense based on our priorities.”
“We are so grateful for partners like Northway Bank,” said Carmen Lorentz, Executive Director of LRCD. “We can’t do our work without the support of our local business community.”
In 2019, Lakes Region Community Developers (LRCD) bought the old Walter’s Market building to turn it into their new headquarters and a neighborhood center to host events and trainings for their tenants in Laconia. LRCD planned for two phases of renovations due to funding constraints. Phase 1 included interior renovations, new insulation and siding on the southwest facing exterior wall, and improvements to the front façade of the building. Phase 1 was finished in October 2019.
Phase 2 will include drainage and parking lot improvements to enhance safety and accessibility, insulation in the attic, insulation and new siding on the northeast exterior wall and back of the building, and HVAC upgrades.
The tax credits are administered by New Hampshire Community Development Finance Authority (CDFA). 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). The tax credit program allows NH businesses to use their state tax dollars to support local projects that they care about.
Businesses interested in supporting this project by purchasing tax credits should contact Carmen Lorentz at (603) 524-0747 ext 110.
Lakes Region Community Developers’ vision is for everyone to live in a healthy home and be empowered to succeed. Founded in 1988 as the Laconia Area Community Land Trust, LRCD has developed 365 healthy rental homes in Ashland, Gilford, Laconia, Meredith, Tilton, and Wolfeboro. In 2017, LRCD expanded its mission to include new types of real estate development and new programming that empowers their tenants to effect positive change in their communities. For more information, visit LRcommunitydevelopers.org.
Northway Bank is an independent community commercial bank, with 16 branches throughout New Hampshire. The Bank was established in 1881 and provides financial solutions for customers, communities, municipalities, and businesses.
Virtual Event Tomorrow!
LRCD is hosting it's second annual Housing & Economy Snapshot tomorrow, April 15th from 4:00pm to 5:30pm. The virtual event will include a screening of NH PBS' Communities and Consequences II: Rebalancing New Hampshire's Human Ecology and will be followed by a panel discussion.
4PM - 5PM SCREENING OF THE FILM
Communities & Consequences II
5PM - 5:30PM PANEL DISCUSSION WITH
Jay Childs, Film Director
Bonnie Medico, Eastern Lakes Region Housing Coalition
Edith DesMarais, Eastern Lakes Region Housing Coalition
Moderated by Carmen Lorentz, Lakes Region Community Developers
Generously Sponsored By
As a NeighborWorks America Green Designated Organization, we have incorporated green practices across all our lines of business, and we strive to inspire our community to choose green practices for their homes and businesses.
We hope you find a safe way to celebrate Earth Month
& Day this year.
LRCD's Recent Green Efforts
GILFORD VILLAGE KNOLLS III
We completed construction of Gilford Village Knolls III (GVKIII) in 2018. GVK III provides 24 affordable apartments for seniors in the heart of Gilford Village. This was a the third phase of the Gilford Village Knolls campus. GVK III was the first multi-family property in the State of New Hampshire to be Passive House Certified. GVK III was designed to be similar in size and footprint to GVK II. Comparing GVK II and III shows just how energy efficient GVK III truly is. It’s GVK III’s high performance building envelope and mechanical system that result in it using nearly half of the annual energy consumed by GVK II. When you include the electricity generated by GVK III’s solar array, it uses a quarter of the energy costs compared to GVK II.
This is a strong piece of evidence highlighting the great work that made GVK III incredibly energy efficient.
AVERY HILL SOLAR
The installation of a 72.32 kW solar system at our Avery Hill development in Laconia was completed November 2018. Avery Hill is a cluster of duplexes on Grove Street and Lougee Court near the LRGHealthcare campus in Laconia. It was the first property that LRCD redeveloped back in the early 1990s. The Avery Hill solar system eliminates electric bills for 12 apartments at Avery Hill. Data shows that residents are saving an estimated average of 71% on their electrical expenses. Estimated monthly savings per resident range from $26 to $103 ($54 average) compared to historical billing. Estimated annual savings per resident range from $317 to $1,236 ($645 average) compared to historical billing
PINE HILL SOLAR
In 2020, LRCD completed the third solar project in three years at six of our nine Pine Hill duplexes. Pine Hill was one of the first properties that we redeveloped in Laconia back in the 1990s. After collecting almost a year of data after the installation of solar, residents are saving an estimated average of 50% on their electrical expenses. Estimated monthly savings per resident range from $2 to $132 ($35 average) compared to historical billing. Estimated annual savings per resident range from $23 to $1,584 ($423 average) compared to historical billing.
Over the past seven years, LRCD has invested over $1.56 million in greening its older housing stock in Laconia. LRCD has brought dozens of units in Laconia up to healthy housing standards as part of its portfolio strengthening efforts. LRCD continues to seek opportunities to improve energy efficiency, improve indoor air quality, and add outdoor recreation opportunities to its older stock. Currently, 87% of our housing portfolio meets our Healthy Housing standards. By 2022, we plan to increase that to 94%, with renovations of Harvey Heights Apartments in Meredith.
To learn more about our healthy housing efforts visit our website.
FAQs About LRCD
WHAT DOES IT MEAN TO BE A NEIGHBORWORKS AMERICA GREEN DESIGNATED ORGANIZATION?
LRCD became a NeighborWorks Green Organization in 2015. To qualify for this designation an organization must demonstrate a comprehensive commitment to sustainable operations -- both in their lines of business and the corporate operations. Today, LRCD continues its work to promote sustainable business practices by identifying and sharing innovative methods, establishing policy, ensuring adherence to green policies, and encouraging staff and residents to incorporate green practices into their offices, homes, and communities. We believe that when sustainable practices are comprehensively applied, people are healthier, housing is more affordable, employees have a better work environment, communities are more resilient, and organizations are more prepared for the future.