Merrimack County Savings Bank (The Merrimack) is helping the Boys & Girls Clubs of Central New Hampshire expand critical youth services to the region with the purchase of $50,000 in tax credits through the New Hampshire Community Development Finance Authority (CDFA). This investment will go towards the transformation of the Penacook Community Center into a 10,000 square foot childcare and youth development facility.
“We’re thankful for The Merrimack’s decades-long support of our mission to empower our youth and children,” said Chris Emond, Executive Director of Boys and Girls Club of Central NH. “The new building will also serve as a community space for after-school programs and would double as the Concord Public Library’s Penacook branch. It’s an exciting project that will offer childcare and school programs to over 100 children.”
Headquartered in Concord, the Boys and Girls Club of Central NH inspires and enables young people to reach their full potential as productive, caring, responsible citizens. Along with adult mentors, the Boys and Girls Club offers programs that cover everything from academics and leadership development to physical fitness and healthy eating. For more information, visit nhyouth.org.
“We are grateful for the Boys and Girls Club and we’re longtime champions of this incredible organization,” said Linda Lorden, President of The Merrimack. “This revitalization project will help expand access to affordable, quality childcare and youth services in Penacook and beyond.”
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.