Shaheen Leads NH Delegation in Welcoming $60 Million in Tax Credits for Community Development to Support Small Businesses and Spur Economic Growth

(Lebanon, NH) - Today, U.S. Senator Jeanne Shaheen (D-NH), Chair of the U.S. Senate Committee on Small Business and Entrepreneurship and a senior member of the U.S. Senate Committee on Appropriations, announced with U.S. Senator Maggie Hassan (D-NH) and Representatives Annie Kuster (NH-02) and Chris Pappas (NH-01) that Mascoma Community Development, a wholly-owned subsidiary of Mascoma Bank of Lebanon, was awarded $60 million in New Markets Tax Credits (NMTC) to incentivize development in underserved communities.

“Underserved communities and small businesses often struggle to get the capital they need to grow, which is why this investment is key to the overall economic success of our state. I’m glad to see this award going to Mascoma Community Development to help ensure small businesses and entrepreneurs working to develop these communities have the resources they need to succeed,” said Senator Shaheen. “I look forward to continuing to support programs that provide development opportunities, create jobs and grow our economy in communities across New Hampshire.”

“Investing in Granite State businesses and ensuring that they have access to the capital that they need is a key way to help our local economy thrive,” said Senator Hassan. “This federal funding will promote development and growth in the Upper Valley and throughout New Hampshire, and I will keep supporting programs that help create jobs and invest in our state.”

“Small businesses and local entrepreneurs are the backbone of New Hampshire’s economy and way of life,” said Congresswoman Kuster. “These resources heading to Mascoma Community Development will go a long way toward uplifting our Main Street businesses and the communities they serve, and I look forward to seeing the benefit the New Market Tax Credit program continues to have on New Hampshire’s economic growth.”

“Investments into our communities and small businesses are helping develop local economies, create more good-paying jobs, and strengthen our quality of life,” said Congressman Pappas. “These funds will incentivize economic development in New Hampshire’s underserved communities to ensure no city or town is left behind. I’ll continue to advocate for programs that help our state, small businesses, and communities grow and thrive.”

This award is provided by the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund), which promotes development in low-income urban and rural communities by investing in mission-driven financial institutions. Senators Shaheen and Hassan have been strong supporters of the CDFI Fund and NMTC and have long advocated for sufficient funding and a permanent NMTC program to support economic growth.

Tax credit allocations awarded to Community Development Entities (CDE), such as Mascoma Community Development, enable CDEs to raise additional capital to invest in low income and distressed communities in return for tax credits. The total tax credit provided to investors equals 39 percent of the original investment and is spread over a seven-year period.

Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government. Through the end of fiscal year 2023, NMTC Program award recipients deployed more than $66 billion in investments in low-income communities and businesses, supporting more than 894,000 jobs and the construction or rehabilitation of nearly 259.5 million square feet of commercial real estate.

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