Posted on November 15, 2023 on Merrimack County Savings Bank website.
Merrimack County Savings Bank (The Merrimack) is helping to fund the development of permanent housing in Downtown Concord. The Merrimack has pledged $100,000 over two years to the Concord Coalition to End Homelessness to convert a commercial property on South State Street into eight one-bedroom apartment units.
“It’s very rewarding to be able to make this contribution that will go toward providing housing and stability to our neighbors in need,” said Linda Lorden, President of The Merrimack. “The Concord Coalition to End Homelessness goes above and beyond to help our homeless community and connect them with valuable resources.”
Funded through the Community Development Finance Authority (CDFA), the contribution will help provide permanent supportive housing with rental assistance for individuals experiencing homelessness. CCEH residents also receive ongoing caseworker support during the transition.
“We’re grateful for The Merrimack’s unwavering support and commitment to our mission over the years,” said Karen Jantzen, Executive Director, Concord Coalition to End Homelessness. “This generous donation allows us to continue providing housing options for the 150 to 175 chronically homeless individuals in the Concord area.”
The Concord Coalition to End Homelessness (CCEH) was formed in 2008 with one mission in mind, to end homelessness in the Greater Concord community. Since then, CCEH has launched a resource center to help meet immediate needs and offers multiple programs for safe, affordable, and stable housing. The Merrimack is proud to be a Premier Pillar of Support of the CCEH and the presenting sponsor of SouperFest and Blues, Brews and BBQ. For more information, visit concordhomeless.org.
CDFA tax credits allow businesses to fund qualifying economic or community development projects in exchange for a tax credit that can be applied against state business tax payments. The tax credits are administered by the New Hampshire CDFA. Any business with operations in New Hampshire that contributes to a CDFA tax credit project receives a New Hampshire state tax credit worth 75 percent 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 New Hampshire businesses to use their state tax dollars to support local projects that they care about. CDFA reviews many project applications each year, and awards tax credits to those they determine are feasible and will make the biggest impact on economic development in the state. Visit nhcdfa.org for more information.