The Common Man Will Match All Tax Credit Purchases Dollar-for-Dollar
Thanks to a generous pledge by The Common Man Family of Restaurants, your tax credit purchase of
any amount will go twice as far.
any amount will go twice as far.
- Does your business struggle to recruit qualified candidates for open positions?
- Is lack of suitable and affordable housing an issue for your current or potential employees?
- Do you want to see young families thrive in the Lakes Region?
If you answered yes to any of these questions, please consider purchasing New Hampshire business tax credits from Lakes Region Community Developers to help build Harriman Hill Homes, a development of 20 affordable starter homes in Wolfeboro, NH. New Hampshire Community Development Finance Authority awarded us these tax credits after a rigorous review of the feasibility of Harriman Hill Homes and the impact that it would have on economic development in the Lakes Region.
Background
Lakes Region Community Developers (LRCD) is a non-profit housing and community development organization whose mission is to create opportunities for the Lakes Region to thrive by developing healthy homes, creating vibrant community assets, and engaging residents.
Over our 26-year history, LRCD has developed 365 healthy rental homes in six Lakes Region towns, including Wolfeboro. Our residents live here year-round and work at 155 different local businesses and organizations.
New Hampshire is experiencing a serious housing crisis, which is making it difficult for businesses to attract and retain the workforce they need. It is estimated that 15,000 new starter homes are required in New Hampshire right now to accommodate the workforce that our businesses need.
Project Need
In recent years, we have observed demand for affordable starter homes by families who live and work in the Lakes Region year-round. Many families seeking to live in our rental homes make too much money to qualify – the federally prescribed income limit for most of our rental homes is between $40,000 and $45,000 annually for a family of four. There are very few decent and affordable rental options for families over this modest income limit, and there is no way they can afford to buy a home with the median sales price being $280,000 in Carroll County.
Housing costs in the Lakes Region have outpaced local incomes for many years, but especially over the past decade. Since the 2008 recession, for-profit developers have found it increasingly difficult to build starter homes due to the increased costs of land, regulation, and building materials. With fewer starter homes being built and second home owners consuming much of the starter home inventory that we do have, many working families simply cannot afford to live here. You can help address this problem by supporting the development of Harriman Hill Homes.
Impact of Tax Credits
Our goal is to sell the 20 houses at Harriman Hill Homes for around $200,000 each to families who make between 75% and 120% of the area median income (roughly $52,000 to $83,000 for a family of four).
The proceeds of our tax credit sales, coupled with some grant funding, will help offset the cost of the road, water, and sewer infrastructure for the development so that we can keep the home prices affordable for our target market. A deed restriction will be used to ensure that future resales of these homes similarly benefit families who make 75% to 120% of area median income.
We need to sell $44,000 in tax credits before March 30, 2020 so that we can break ground on Harriman Hill Homes in the spring of 2020.
How the Tax Credits Work
These 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). In addition, the contribution may be treated as a charitable donation for federal tax purposes.
This tax credit program is a great way for NH businesses to support local projects that they care about.
For more information, including a tax credit calculator, visit: nhcdfa.org/tax-credits/for-businesses
Contact
If you would like more information about how your business can support the development of Harriman Hill Homes, please contact Carmen Lorentz at (603) 524-0747 ext 110 or [email protected]. Thank you.
Background
Lakes Region Community Developers (LRCD) is a non-profit housing and community development organization whose mission is to create opportunities for the Lakes Region to thrive by developing healthy homes, creating vibrant community assets, and engaging residents.
Over our 26-year history, LRCD has developed 365 healthy rental homes in six Lakes Region towns, including Wolfeboro. Our residents live here year-round and work at 155 different local businesses and organizations.
New Hampshire is experiencing a serious housing crisis, which is making it difficult for businesses to attract and retain the workforce they need. It is estimated that 15,000 new starter homes are required in New Hampshire right now to accommodate the workforce that our businesses need.
Project Need
In recent years, we have observed demand for affordable starter homes by families who live and work in the Lakes Region year-round. Many families seeking to live in our rental homes make too much money to qualify – the federally prescribed income limit for most of our rental homes is between $40,000 and $45,000 annually for a family of four. There are very few decent and affordable rental options for families over this modest income limit, and there is no way they can afford to buy a home with the median sales price being $280,000 in Carroll County.
Housing costs in the Lakes Region have outpaced local incomes for many years, but especially over the past decade. Since the 2008 recession, for-profit developers have found it increasingly difficult to build starter homes due to the increased costs of land, regulation, and building materials. With fewer starter homes being built and second home owners consuming much of the starter home inventory that we do have, many working families simply cannot afford to live here. You can help address this problem by supporting the development of Harriman Hill Homes.
Impact of Tax Credits
Our goal is to sell the 20 houses at Harriman Hill Homes for around $200,000 each to families who make between 75% and 120% of the area median income (roughly $52,000 to $83,000 for a family of four).
The proceeds of our tax credit sales, coupled with some grant funding, will help offset the cost of the road, water, and sewer infrastructure for the development so that we can keep the home prices affordable for our target market. A deed restriction will be used to ensure that future resales of these homes similarly benefit families who make 75% to 120% of area median income.
We need to sell $44,000 in tax credits before March 30, 2020 so that we can break ground on Harriman Hill Homes in the spring of 2020.
How the Tax Credits Work
These 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). In addition, the contribution may be treated as a charitable donation for federal tax purposes.
This tax credit program is a great way for NH businesses to support local projects that they care about.
For more information, including a tax credit calculator, visit: nhcdfa.org/tax-credits/for-businesses
Contact
If you would like more information about how your business can support the development of Harriman Hill Homes, please contact Carmen Lorentz at (603) 524-0747 ext 110 or [email protected]. Thank you.
Thank You to Our Tax Credit Donors
Pictured Left to Right Top: Union Bank, The Hodges Companies, and Belknap Landscape Co.
Pictured Left to Right Bottom: Meredith Village Savings Bank.
All Donors: NGM Insurance Company, Meredith Village Savings Bank, The Common Man, The Hodges Companies, Union Bank, Belknap Landscape, Co., Martini Northern, ReVision Energy, and Resilient Buildings Group.
Pictured Left to Right Bottom: Meredith Village Savings Bank.
All Donors: NGM Insurance Company, Meredith Village Savings Bank, The Common Man, The Hodges Companies, Union Bank, Belknap Landscape, Co., Martini Northern, ReVision Energy, and Resilient Buildings Group.
