MVSB tax credit buy to benefit local nonprofit

From left, Eric Petell, MVSB Mortgage Loan Officer, Tate Miller of MVSB, Katherine Easterly Martey, Community Development Finance Authority Executive Director, and Jessica Ruel of MVSB (Courtesy photo)

MVSB recently purchased $10,000 in tax credits through the Community Development Finance Authority Capacity Building Program.

The Capacity Building Program is a subset of the CDFA's Tax Credit Program that focuses on strengthening organizations that are committed to community economic development in New Hampshire. It prioritizes projects that increase collaboration and resource organizations led by and supportive of priority populations and areas.

"We are grateful to the team at MVSB for their support of the program and the lasting effects it will have on nonprofits throughout New Hampshire," said Katherine Easterly Martey, CDFA Executive Director. "This year's awardees utilize art, access to locally sourced food, education and housing to generate impact. These creative, accessible programs, deeply rooted in their communities, will use the funding to get to the next step in their programming and growth."

"Caring for our local communities is at the heart of who we are at MVSB, and supporting the CDFA amplifies the impact of our donations in improving the wellbeing of our local economies," said Marcus Weeks, MVSB President.

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.