From left, Traynor Cully, MVSB AVP Commercial Loan Officer, Monique Deforge, Children’s Museum of New Hampshire Director of Development & Community Engagement, Jane Bard, Children’s Museum of New Hampshire President, James Carrigan, MVSB Regional Vice President, Angela Salb, VP Commercial Loan Officer, and Julie Clement, VP Business Development & Small Business Lender.
MVSB is proud to support the Children’s Museum of New Hampshire in Dover with the purchase of $10,000 in tax credits through the Community Development Finance Authority (CDFA). The Museum was granted tax credits to support its capital campaign to fund an expansion of the second floor.
“We look to launch this construction project in 2024, which will add two new exhibit spaces to better serve children and families,” said Museum President Jane Bard. “The rooms we have in the works will include one dedicated to our youngest visitors, ages 0-5, and another designed to be a creative open space for changing exhibits. We are thankful for the wonderful response we have received from local community partners like MVSB.”
“We are proud to support the expansion efforts because we understand there is a growing need for more spaces that support socialization and learning opportunities for young children,” said Jim Carrigan, MVSB Regional Vice President. “The Museum is a valuable community resource that serves not only the Seacoast region, but all of New Hampshire. We hope everyone will visit now and, in the future, to take advantage of the continually evolving explorative opportunities the Museum offers.”
The Children’s Museum aims to actively engage families in hands on discovery through exhibits related to nature, world cultures, pretend play and more. Go to childrens-museum.org for more information.
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.