N.H. Preservation Alliance Secures CDFA Tax Credit Allotment for Preservation Trades Workforce Development Initiative
The N.H. Preservation Alliance’s new Preservation Trades Workforce Development Initiative has recently received critical support. Now looking for businesses to buy CDFA tax credits!
Courtesy: Preservation Timber Framing
A recently-completed research project emphasized and clarified the Preservation Alliance’s concerns about moderate to severe workforce gaps in the historic preservation trades and the need to grow and diversify the sector. The tax credits will help provide needed investment to support three campaigns directed at matching students to employers and historic buildings in need of work. In addition to direct benefits to these people and places, the Preservation Alliance will be investigating how to replicate and scale these models, and connect to new sources of funding that have not yet been available to this aspect of the construction field.
“Nearly everything that we do with old buildings, downtowns and village centers is predicated on access to a cohort of skilled craftspeople,” said Jennifer Goodman, executive director of the Preservation Alliance. “Rehabilitation work conserves energy, and keeps more money circulating in local economies than new construction. It also helps revive and sustain the character of our communities that draw young people, visitors and businesses,” she added.
Grants made to organizations are in the form of tax equity. New Hampshire businesses support the selected projects by purchasing the tax credits, resulting 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.
To learn more about the project and/or purchasing tax credits, contact Maggie Stier at the Preservation Alliance (603-224-2281 or ms@nhpreservation.org).
“Organizations awarded Tax Credit resources have demonstrated a strong commitment to their communities,” commented Katy Easterly Martey, CDFA’s Executive Director. “These community builders are driving positive, long-lasting change in New Hampshire. These past few years have underscored New Hampshire’s reliance on its nonprofit infrastructure. We need a strong, effective nonprofit network with the capacity to support our communities and envision, create, and implement broad-based community economic development projects.”
The New Hampshire Preservation Alliance is a statewide nonprofit organization that strengthens communities and local economies by supporting and encouraging the revitalization and protection of historic buildings and places. For more information on workshops, technical assistance and financial resources, visit www.nhpreservation.org or call 603-224-2281.
The Community Development Finance Authority (CDFA) is a statewide nonprofit public authority focused on maximizing the value and impact of community development, economic development, and clean energy initiatives throughout New Hampshire. The organization leverages a variety of financial and technical resources, including the competitive deployment of grant, loan, and equity programs. Those resources include New Hampshire state tax credits, federal Community Development Block Grant resources and the CDFA Clean Energy Fund. For more information about CDFA, its programs and this new list of grantees, visit www.nhcdfa.org or call 603-226-2170.
Katy Easterly Martey, Jennifer Goodman and Senator Rebecca Whitley, Courtesy: CDFA