MVSB Supports Portsmouth Housing Authority with Purchase of Tax Credits

The Portsmouth Housing Authority (PHA) was recently awarded tax credits from the New Hampshire Community Development Finance Authority (CDFA) to support a redevelopment of the Episcopal Church property on Lafayette Road in Portsmouth. MVSB (Meredith Village Savings Bank) is proud to support their efforts with a $10,000 tax credit purchase.

The project, which is expected to be completed in early 2026, will include the construction of 44 units of affordable workforce housing. This concept is the result of community partnership and collaboration. When it is completed, it will also be home to the headquarters for HAVEN, the largest violence prevention and support services agency in New Hampshire, and seven transitional housing units, as well as renovated space for Little Blessings Childcare Center. PHA is also committed to the preservation of the historic African Burying Grounds at Langdon Farm adjacent to the property.

“A top priority for many local leaders has been our affordable housing crisis and the impact it has on the available workforce in our community,” said Craig Welch, PHA Executive Director. “This project is a step in the right direction and many community supporters have come together to be a part of the effort.”

“The Portsmouth Housing Authority is a vital local organization and we couldn’t be prouder to support efforts that prioritize affordable housing,” said David McMahon, MVSB Branch & Business Development Manager.

Portsmouth Housing develops and manages quality affordable housing and provides rental assistance to families, seniors, and people with disabilities, in a manner that promotes respect for residents and builds strong neighborhoods. Go to porthousing.org to learn more.

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. The credit can be used over a period of five years to reduce the business’ state tax liability (business profits, business enterprise, or insurance premium taxes). The tax credit program allows New Hampshire businesses to use their state tax dollars to support local projects that they care about. CDFA reviews many project applications each year, and awards tax credits to those they determine are feasible and will make the biggest impact on economic development in the state. Visit nhcdfa.org for more information.

MVSB has been serving the essential banking needs of people, businesses, nonprofits and municipalities for over 150 years. As a mutual savings bank, MVSB has no stockholders but rather operates for the benefit of its customers, employees and community. Since our founding, one thing has always remained true: caring is at the heart of everything we do. By building and nurturing relationships, we believe that we can cultivate a community where we all thrive. It all starts with caring about our customers and neighbors. To learn more, visit any of the local branch offices located in New Hampshire in Alton, Ashland, Center Harbor, Exeter, Gilford, Laconia, Melvin Village, Meredith, Moultonborough, North Conway, Plymouth, Portsmouth, Rochester or Wolfeboro, call 800.922.6872 or visit mvsb.com.