PSU has sold all $600,000 of the tax credits it was awarded by the New Hampshire Community Development Finance Authority (CDFA) and will receive $480,000 from the CDFA to be used to support the construction of the welcome center and ice arena.
CDFA tax credits allow benefactors to purchase credits that provide them an incentive on their New Hampshire taxes while providing gifts to the University. PSU’s CDFA grant enabled it to market the credits to raise funds for the new facility.
President’s Council members were instrumental in identifying potential businesses for marketing the tax credits, including those with PSU ties or those that had demonstrated previous interest in tax credits. New Hampshire businesses purchased the tax credits including Community Guaranty Saving Bank, Grappone Automotive Group, Great American Dining, Meredith Village Saving Bank, Northway Bank, and Woodlands Credit Union.
“We are very proud of our partnership with CDFA,” said Sylvia Bryant, executive director of university advancement. “Plymouth State is one of the few institutions of higher education to be awarded a tax credits grant, and the availability of tax credits for the welcome center and ice arena has provided critical philanthropic support for the project.”
The CDFA is attracted to projects that show a high degree of community support, build partnerships, contribute to the economic wellbeing of an area, and leverage other funds. “CDFA awarded Plymouth State University tax credit funding because of [PSU’s] positive economic impact in the region,” said Kathy Bogle Shields, executive director of CDFA. “We know it already has and will continue to create jobs and expand opportunities for the citizens of Plymouth and the surrounding towns.”