CDFA Awards YMCA $625,000 in Business Tax Credits
YMCA to Enhance Early Education Center Experience and Program
Pictured Left to Right: Mike LaChance, CEO, YMCA of Greater Nashua; Marsha Bottino, Trustee and Grant Writer, YMCA of Greater Nashua; Shannon Chandley, NH State Senator, Senate District 11; and Katy Easterly Martey, Executive Director of NH Community Development Finance Authority.
The YMCA of Greater Nashua is pleased to announce it has been awarded $625,000 in Business Tax Credits by the New Hampshire Community Development Finance Authority (CDFA). Business tax credits purchased from the YMCA of Greater Nashua’s $625,000 allocation will support a $1.5 million renovation to the Early Education Child Care Center at the Merrimack Y. Business Tax Credits can be utilized by businesses with NH tax liability to help offset their tax burden while giving back to nonprofits and the community. Businesses can purchase tax credits from the CDFA to support approved projects in their communities and receive 75% of the contributed amount in the form of tax credits. These tax credits can be used over a five-year time span. In addition, the contribution made for the tax credit donation is tax deductible.
Child care is the workforce behind the workforce. The Merrimack YMCA Early Education Center (EEC) is the largest child care center in New Hampshire with 18 classrooms serving over 300 children daily. Using funds raised through our Annual Campaign, no one is turned away for inability to pay. The YMCA of Greater Nashua provides scholarships, on a sliding fee scale, to families to make child care more affordable. In the spring of 2020, the organization created two temporary classrooms to accommodate class sizes when the Merrimack Y EEC operated as an emergency child care center during the COVID pandemic. Four years later, ongoing demand for quality child care means those temporary classrooms are still in use. This renovation will focus on structural updates, additional bathroom facilities, expansion of storage in the EEC kitchen, and make needed updates to flooring, lighting and classroom renovations, making the EEC a bright, educational space that keeps pace with the quality of the child care currently provided.
“The YMCA of Greater Nashua has previously been awarded Business Tax Credits that supported the construction of the Nashua Y on Stadium Drive in 2011 and the renovation of the Merrimack Y pool and locker rooms in 2016” said CEO Mike LaChance. “We are grateful that the CDFA recognizes the importance of quality, affordable child care and we look forward to selling these tax credits to local businesses to help fund the renovation to the Merrimack Y Early Education Center and enhance the space for the hundreds of children who learn and play at the Y in our child care program.”
Like all child care providers, we can only operate at licensed capacity if we have the staff to do so. The Y increased pay significantly over the past 3 years to attract and retain the 80 child care workers it takes to operate the Merrimack Y Early Education Center. We are making every effort to keep child care prices as low as possible, otherwise some parents will leave the workforce rather than pay for child care. The YMCA of Greater Nashua has $450,000 remaining to raise to fully fund the $1.5 million renovation to the Merrimack YMCA EEC.
For more information on purchasing tax credits or making a donation please contact, Kelli Wholey, Director of Major Gifts at 603.598.1533 or kwholey@nmymca.org.
About the Community Development Finance Authority
The Community Development Finance Authority (CDFA) is a statewide nonprofit public authority focused on maximizing the value and impact of community development, economic development, and clean energy initiatives throughout New Hampshire. The organization leverages a variety of financial and technical resources, including the competitive deployment of grant, loan, and equity programs. Those resources include New Hampshire state tax credits, federal Community Development Block Grant resources and the CDFA Clean Energy Fund. For more information about CDFA and its programs visit www.nhcdfa.org or call 603-226-2170.
Contact: Melissa Latham, CDFA/mlatham@nhcdfa.org/603.717.9107
About the YMCA of Greater Nashua
The YMCA of Greater Nashua stands as a cornerstone of community support and collaboration in Greater Nashua, Merrimack and the surrounding towns. The Y has established over 150 collaborative partnerships, making significant strides in addressing the diverse needs of residents. The Merrimack branch, home to the early education program, serves as a beacon of educational excellence, catering to over 300 children as the largest single-site provider in the state. Recent recognition by Nashua Community College President’s Community Partner Award and Eastern Bank Foundation’s Community Advocacy Award speaks volumes about the impactful contributions made in addressing educational gaps, particularly in early childhood education. With a focus on the well-being of both individuals and families, the YMCA’s impact is profound, evident through serving 48,000 individuals, 18,000 of these individuals being under age 18, across 300+ programs and services.
For more information visit www.nmymca.org or call 603.598.1533.
Contact: Nathan Fink, Chief Mission Advancement Officer, nfink@nmymca.org