AHEAD Inc. awarded $500,000 in tax credits

AHEAD has been awarded $500,000 in tax credits through the New Hampshire Community Development Finance Authority to support construction of AHEAD’s Peeling Village project in Woodstock, NH. Several local businesses have purchased $400,000 in tax credits through the New Hampshire Community Development Finance Authority’s tax credit program. The purchased tax credits will help fund construction of 29 new units of affordable workforce housing. AHEAD’s Peeling Village project is currently designed to include 2 phases with 59 total units.

Peeling Village, AHEAD’s newest development, will consist of 29 units in two buildings: a 20-unit 3-story apartment block and a 9-unit 2-story townhome style apartment block. The project will be family housing (basic rental) serving a range of income restricted households and will have one, two and three-bedroom units. Construction is expected to start in mid-2024 pending remaining funding approvals with units being available in mid to late 2025. AHEAD currently owns and manages over 500 rental units throughout northern New Hampshire and Vermont. Its most recent project, Community Living at Lloyd’s Hills in Bethlehem, NH, was completed in 2018 creating 28 new units of workforce housing. Nine businesses across the state have helped AHEAD meet its goal for the CDFA’s tax credit program. Additional businesses are being sought for the remaining $100,000 of state fiscal year 2024 credits. AHEAD would like to thank the following businesses for their contributions: Grappone Management Company, Inc., William A Smith Inc., HEB Engineers, Inc., Cold Springs RV LLC., Leone McDonnell & Roberts, Northway Bank, Mascoma Savings Bank, Union Bank, and Woodsville Guaranty Savings Bank.

CDFA’s tax credit program offers New Hampshire businesses the opportunity to invest in community economic development initiatives throughout the state. Projects supported through the program are leading collaborative, community-based projects to address critical needs in the Granite State that bring together public and private resources to solve local challenges. “CDFA tax credits will fill a funding gap on this project that will provide much needed affordable housing to the Lincoln/Woodstock community,” said Harrison Kanzler, Executive Director for AHEAD. “AHEAD has strong community support for this housing and expects equally strong demand from the community for the pledge and purchase of awarded tax credits. CDIP tax credits will provide an opportunity for businesses in the community to become invested in meeting the ever-increasing housing needs of their employees.”

Grants made to eligible projects are in the form of tax credit equity. Businesses with New Hampshire tax liability support awarded projects by purchasing the credits, which results in the nonprofit receiving a donation and the company receiving a 75-percent New Hampshire state tax credit against that contribution. The credit can be applied against the business profits tax, business enterprise tax, or insurance premium tax.

The donation can also be eligible for treatment as a state and federal charitable contribution. For example, a company that purchases a $10,000 tax credit from AHEAD, can apply $7,500 in tax credits on their business profits tax or other applicable taxes. AHEAD will be seeking additional businesses to make contributions through the tax credit program for state fiscal year 2024. AHEAD is a non-profit housing organization serving Coos, Grafton and Carroll counties. AHEAD has been serving the communities of Northern New Hampshire, providing affordable housing, homebuyer, and financial education workshops, individualize 1:1 counseling and coaching, and foreclosure prevention counseling since 1991.

AHEAD currently owns and manages over 500 units rental housing throughout Grafton and Coos counties. More information about AHEAD’s developments, programs, services and rental apartments can be found online at www.homesahead.org. For specific information regarding the AHEAD’s development projects or tax credits, contact Larry Berg, AHEAD’s Director of Real Estate Development, at lberg@homesahead.org.

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