Savings Bank​ Purchases $10K In Sherburne School Workforce Housing Project Tax Credits

PORTSMOUTH, NH — Portsmouth Housing Authority (PHA) is utilizing awarded tax credits from the New Hampshire Community Development Finance Authority (CDFA) to move forward with the Sherburne School Workforce Housing Project, a development that will create 90 permanently affordable housing units for local families and workers.

MVSB (Meredith Village Savings Bank) is proud to purchase $10,000 in tax credits to help bring the project to life.

Once complete, the project will provide homes for more than 200 residents, including members of the local workforce and families in need of stable, affordable housing.

“The Sherburne School project represents a major step forward in addressing the housing challenges faced by working families in our community,” Craig Welch, the executive director of the Portsmouth Housing Authority, said. “For these projects to succeed, it’s essential for the businesses like MVSB to step up and support workforce housing. We are grateful for their leadership and financial support to assure our workforce thrive and grow right here in our community.”

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.

“Access to affordable housing is essential for the health and sustainability of our communities,” David McMahon, MVSB Branch & Business Development Manager, said. “We’re proud to support the Portsmouth Housing Authority’s efforts to provide quality housing options that help local families and workers live and grow right here in the Seacoast.”

Portsmouth Housing Authority develops and manages quality affordable housing and provides rental assistance to families, seniors, and people with disabilities in a manner that promotes respect for residents and builds strong neighborhoods.

Learn more at porthousing.org.

About Meredith Village Savings Bank

MVSB has been serving the essential banking needs of people, businesses, nonprofits and municipalities for over 150 years. As a mutual savings bank, MVSB has no stockholders but rather operates for the benefit of its customers, employees, and community. Since our founding, one thing has always remained true: caring is at the heart of everything we do. By building and nurturing relationships, we believe that we can cultivate a community where we all thrive. It all starts with caring about our customers and neighbors. To learn more, visit any of the local branch offices located in New Hampshire in Alton, Ashland, Center Harbor, Exeter, Gilford, Laconia, Melvin Village, Meredith, Moultonborough, North Conway, Plymouth, Portsmouth, Rochester, or Wolfeboro, call 800.922.6872 or visit mvsb.com.

Submitted by Meredith Village Savings Bank