Shaheen Announces $50 Million in Tax Credits for Community Development in Lebanon
(Washington DC) – U.S. Senator Jeanne Shaheen (D-NH) today announced that Mascoma Community Development, LLC of Lebanon has been awarded $50 million in New Markets Tax Credits (NMTC) to incentivize development in communities in New Hampshire, Vermont and Maine. Mascoma Community Development works to help raise capital, facilitate loans and support community development. The tax credits for Mascoma Community Development and other organizations were announced yesterday by the Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund), which promotes development in economically distressed urban and rural areas by investing in mission-driven financial institutions. Senator Shaheen has been a strong supporter of the CDFI Fund and as a member of the Senate Appropriations Committee, she has advocated for sufficient funding.
“Investment in rural communities is essential to spurring economic growth,” said Senator Shaheen. “Mascoma Community Development and other Community Development Entities provide important services to small businesses and entrepreneurs as they scale their businesses, bolstering local economies and bringing jobs to the area. I remain a strong supporter of the CDFI Fund so that development incentives continue to become available to Granite State communities.”
Tax credit allocations awarded to Community Development Entities (CDE) such as Mascoma Community Development enable CDEs to offer tax credits to an investor. The total tax credit equals 39 percent of the original investment and is spread over a seven-year period.