NH Tax Credits available!
NH’s Community and Development Finance Authority (CDFA) awarded MVP $300,000 in tax credits to assist with the rehabilitation of the Kimball Property in East Grafton, with $150,000 awarded in two consecutive fiscal years.
Update 8/22/23: $60,000 in tax credits are available for the 2024 fiscal year.
Thank you to the businesses which have made this first milestone possible!
And thank you to the businesses helping us reach the next $150,000 milestone:
How Do the Tax Credits Work?
CDFA administers the tax credit program. Many project applications are reviewed each year and tax credits are awarded to those it determines are feasible and will make the biggest impact on economic development in New Hampshire.
Any NH business that contributes business profit tax, business enterprise, or insurance premium taxes to the state may support a CDFA tax credit project. The program allows a business to contribute to projects of its choice; the business then 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. The remaining 25% of the contribution may also be used to reduce business profits tax. The remaining amount may also be eligible for treatment as charitable contribution.
Example, $10,000 Contribution from Business
NH State Tax Credit, $7,500
NH Business Profits Tax, $790
Total State Tax Credit, $8,290
MVP must sell $150,000 in state fiscal year 2022 (July 1, 2021 through June 30, 2022) and another $150,000 during state fiscal year 2023 and 2024 (July 1, 2022 through June 30, 2024).
CDFA’s tax credit program is a great way for NH businesses to use their state tax dollars to support local projects.
For more information, including a tax credit calculator, visit: https://nhcdfa.org/investing-in-nh-communities/tax-credit-program/
THE PROJECT
This rehabilitation project seeks to transform the historic 175-acre Kimball Property into a vibrant hub of activity in East Grafton. The total project cost is projected to be around $400,000, including the CDFA tax credits and $62,500 in historic preservation grant funding from LCHIP. The goals include:
1) Provide a unit of affordable rental housing in the Mascoma Valley.
MVP will rehabilitate the c.1880 Kimball house to return a much-needed unit of rental housing to the area. The project will emphasize retention of historic fabric while also implementing sustainable practices, including heating/cooling and electricity from on-site solar panels.
2) Provide workshop space for a craftsperson.
The oldest building on the property, the c.1830 barn, will become workshop space. The timber frame will be repaired and a new standing seam roof will be installed to accomodate solar panels.
3) Provide flexible and rentable space for the broader community in the Kimball Mill.
The largest building on the property will be converted into flexible space that can be used for workshops, rentals, and community gatherings. The former shingle mill, built c.1890, offers a large open floor plan adjacent to the Mill Brook waterfall. The plan calls for an addition to accomodate bathrooms and an ADA entrance, restoration of windows, installation of storm windows, and electrical upgrades.
4) Provide access to 175 acres of forestland.
MVP is working with several partners to improve the health and recreational opportunities of the adjacent land. This includes developing a forest management plan (thanks to the USDA Natural Resources Conservation Service) and creating hiking/nature trails throughout the property.
Questions? Feel free to reach out to us. Want a tour of the property? We’re happy to arrange that as well.