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Merrimack County Savings Bank Pledges $85,000 in CDFA Tax Credit Grants

Concord, NH – April 23, 2015 – Merrimack County Savings Bank recently pledged support to three organizations through the NH Community Development Finance Authority’s (CDFA) tax credit program. Recipients and amounts are: the Boys and Girls Club/Suncook Community Center Campaign for $50,000; the New Hampshire Community Loan Fund Individual Development Account Program (NHCLF IDA) for $25,000; and CATCH Neighborhood Housing for $10,000. The CDFA tax credit program allows businesses to fund qualifying economic or community development projects in exchange for a tax credit that can be applied against state business tax payments.

“Merrimack County Savings Bank and its employees are proud to support local organizations that make our community a better place to live, work and raise a family,” said Paul Rizzi, President and CEO of The Merrimack. “On behalf of our awardees, we’d like to thank Merrimack County Savings Bank for seeing the importance of our tax credit program in providing real community development impacts. The Bank is a great corporate neighbor who helps make New Hampshire a stronger, more vibrant place to live,” said CDFA Communications Director Kevin Flynn.

The Bank’s investment in the Boys and Girls Club’s partnership with the City of Allenstown and the Suncook Community Center will go toward the building of a shared recreation center. This will allow childcare, youth development activities and senior services to be housed under one roof. The project represents a unique public-private partnership between Allenstown and the Boys and Girls Club of Greater Concord.

The New Hampshire Community Loan Fund Individual Account Program (NHCLF IDA) is a savings program for low-income individuals who receive a $3 match on top of every $1 saved, upon completion of 12 hours financial literacy training. Individuals are required to enroll in literacy programs through one of 14 partners.

CATCH Neighborhood Housing’s vision is to seek a community where every person is confident of a home. The Concord-based organization’s mission is to strengthen their communities by creating opportunities for affordable, quality housing for people otherwise not being served in Merrimack County.

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