Farmsteads of New England expects to commence construction this spring on its Redberry Farm Supportive Housing Project in Epping, which seeks to create housing for 27 individuals with autism and other developmental disabilities. MVSB (Meredith Village Savings Bank) is proud to support this effort with a $7,000 tax credit purchase through the Community Development Finance Authority (CDFA).

Deborah DeScenza, Farmsteads of New England Founder and Executive Director, said this project is based off the model originally developed at the Rosewald Farm in Hillsborough.

“Our model is unique in that residents gain independence and develop a sense of belonging and accomplishment as they participate in farming activities and connect with nature,” she said. “Because most of our residents choose to stay long term, we rarely have openings and our waitlist has only continued to grow. We truly appreciate the support we have received from community partners like MVSB.”

“MVSB is committed to supporting local organizations, like Farmsteads of New England, that provide new opportunities and improve the lives of individuals and families in our communities,” said James Carrigan, MVSB Regional Vice President. “We are very proud to help them expand their capacity and welcome new residents with this contribution.” 

Farmsteads of New England was formed in 2003 and has been gradually growing ever since. The Redberry Farm Supportive Housing Project will include eight residential buildings, each with four one-bedroom apartments. Twenty-seven units are intended for individuals they support while the remaining five are designated for live-in staff. Go to farmsteads-ne.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.

Unlike a stock bank, MVSB is a mutual savings bank that operates for the benefit of its depositors, borrowers and surrounding communities. As a result, MVSB has remained steadfast in fostering the economic health and well-being of the community since it was founded in 1869. For over 150 years, Meredith Village Savings Bank (MVSB), has been serving the people, businesses, nonprofits and municipalities of New Hampshire. MVSB and its employees are guided by the values of accountability, mutuality, excellence, respect, integrity, teamwork and stewardship. To learn more, visit any of the local branch offices located in Alton, Ashland, Center Harbor, Gilford, Laconia, Melvin Village, Meredith, Moultonborough, Plymouth, Portsmouth, Rochester or Wolfeboro, call 800.922.6872 or visit mvsb.com.

 

Caption: Jim Carrigan, MVSB Region Vice President (right), and Angela Salb, MVSB Vice President Commercial Loan Officer (left), present a check to Deborah DeScenza, Founder and Executive Director of Farmsteads of New England.