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.