Capital Regional Development Council, CRDC, has partnered with Coastal Enterprises, Inc. (CEI) of Portland, Maine to market and package New Market Tax Credit (NMTC) projects in New Hampshire. Established to attract capital to historically underserved projects and communities, the NMTC provides an incentive to debt and equity investors by offering a 39 percent federal income tax credit over seven years. Eligibility requires individuals or corporate entities to invest capital into qualified projects in eligible areas. To identify and structure suitable projects, CEI has selected CRDC as its sole New Hampshire partner. Impactful projects with total project budgets that exceed $10.0 million are ideal candidates.
CRDC has partnered with CEI on four New Market Tax Credit Projects since 2007 totaling $41.6 million in new investment.
Plymouth: Mid State Health Center: $3.7 million project owned and developed by CRDC to construct a 19,500 s.f. office building to house a health center in a medically underserved community. (Successful unwind 2013).
Plymouth: Speare Memorial Hospital Medical Office Building: $9.4 million project with tax credits deployed to assist with the financing of a 31,654 s.f. facility. (Successful unwind 2015).
Claremont: Claremont Mills: $18.5 million rehabilitation of a historic six story mill building on the Sugar River to house Red River Computers, The Common Man Inn, and several floors of office space. CRDC also injected a $700,000 direct loan into the project. (Successful unwind and loan repayment 2015).
Concord: Marriot Residence Inn: $10 million, 92 room, 68,000 s.f hotel.
MASCOMA COMMUNITY DEVELOPMENT: Mascoma Commuunity Development has also recently become a New Market Tax Credit allocatee seeking New Hampshire based projects. They received a $55 million award in FY 2014 and was awarded an additional $50 million on November 17, 2016. CRDC also works with Mascoma on identifying suitable, high-impact projects.
For more details, please contact Stephen Heavener
at 603-496-1875 or email@example.com.