12 Feb Mill Falls Helps Secure Affordable Housing in the Lakes Region
In one of the many ways Mill Falls at the Lake demonstrates its commitment to the local community, the resort has purchased $14,350 in state tax credits to help Laconia Area Community Land Trust (LACLT) continue to upgrade their permanently affordable rental housing in Laconia.
“We are thrilled to assist such an important organization in our community. The need for affordable housing is vast in the Lakes Region. We applaud the hard work of the Land Trust,” stated Gail Batstone, General Manager at Mill Falls at the Lake.
LACLT is especially grateful to Mill Falls at the Lake for not only purchasing credits, but for purchasing all the remaining credits, bringing this important fundraising effort to a successful conclusion. LACLT’s mission is to provide permanently affordable housing and support programs to low- and moderate-income families so that they become economically self-sufficient.
LACLT has been providing safe, quality, and affordable housing for the Lakes Region workforce and their families for over 20 years. LACLT has 538 residents, including over 200 children, occupying 245 units. The organization also has 32 more units under construction. After many years of great service, some 60 of these earlier units require upgrades and refinancing. LACLT has sold $373,850 in state tax credits to business donors like Mill Falls at the Lake to fund those upgrades.
The Tax Credit Program enables businesses to donate to LACLT in exchange for a state tax credit that can be applied against New Hampshire business profits, business enterprise, or insurance premium taxes. The state tax credit is equal to 75% of that contribution. In addition, the contribution may be treated as a charitable deduction to the extent the federal laws allow. Tax credit may be carried forward during a five-year period. After both state and federal tax benefits are accounted for, a contribution of $10,000 actually costs the company less than 11%, or $1,100. LACLT is responsible for securing donations from for-profit companies with a New Hampshire state tax liability.
For more information on Laconia Area Community Land Trust and all the great work that they do, please visit www.laclt.org or contact Linda L. Harvey, Executive Director, at firstname.lastname@example.org or 603-524-0747.
For additional information on Meredith and some of the great events happening around the Lakes Region, visit www.meredithareachamber.com and www.lakesregion.org. And don’t forget to stop by the Mill Falls at the Lake website, too, at www.millfalls.com.
The Mill Falls Blogging Team