Catholic Charities NH was awarded $625,000 in tax credits by the NH Community Development Finance Authority (CDFA) to support an affordable housing project in Peterborough, the nonprofit announced July 9.
The funds are part of a recent CDFA distribution of $6.6 million in tax credits to nonprofits for community and economic development projects across New Hampshire.
Catholic Charities NH will use the tax credit funding for the first phase of Vose Farm Residences, a 96-unit affordable and workforce housing project it is developing in Peterborough. Phase 1 includes the construction of 64 units.
Vose Farm Residences, expected to break ground this summer, will feature mixed-income, one- and two-bedroom apartments available to individuals or families earning up to 60% of the area’s median income, Catholic Charities said in a news release. The project will also include on-site supportive services for residents.
“Vose Farm Residences is poised to play a significant role in not only providing much-needed housing but also stimulating the local economy and enhancing community connectivity across the Monadnock Region,” said Jeff Lefkovich, executive director of real estate and housing development for Catholic Charities NH, in a statement.
Businesses can support the project by purchasing tax credits, which provide a 75% New Hampshire state tax credit against their contribution. These credits can be applied over a five-year period against the Business Profits Tax, Business Enterprise Tax, or Insurance Premium Tax, enabling businesses to significantly reduce their tax liability while investing in a crucial community initiative.
For more information on purchasing tax credits, please contact Karen Moynihan at 603-663-0240 or email kmoynihan@cc-nh.org.
For more information on Vose Farm Residences, visit www.vosefarmresidences.com. Resident applications will begin in 2025.
