The Merrimack Purchases $20K in Community Development Tax Credits

CONCORD, NH — Merrimack County Savings Bank has pledged $20,000 to the Individual Development Account (IDA) Collaborative through the Community Development Finance Authority (CDFA) of New Hampshire’s tax credit program. The investment will support the IDA program, which is coordinated by the New Hampshire Community Loan Fund.

Submitted by Diana Johnson.

IDAs are matched-savings accounts with which participants can purchase a home, or pay for college or technical school. Upon completion of eight hours of financial literacy training, participants receive an $8 match for every dollar saved up to $500, for a potential total of $4,500. The Community Loan Fund provides IDAs through a statewide network of community partner organizations.

“Merrimack County Savings Bank and its employees are proud to support local nonprofits like the NH Community Loan Fund, which has made a tremendous difference in the quality of life for people in our community," said Philip Emma, the president of Merrimack County Savings Bank. "It’s very rewarding to be in a position to contribute to outstanding organizations like this one,”

Sarah Littlefield Connor, the director of Finance at the Community Loan Fund, added, “The Merrimack continues to do all it can to champion our efforts to help underserved people and families become self-sufficient and gain confidence through financial education. The bank continues to be a great corporate neighbor and we are grateful for its support.”

The Community Loan Fund empowers low- and moderate-income people to increase their participation in New Hampshire’s economy by providing the financial and educational tools needed to attain affordable homes, quality jobs and child care and to become financially independent.

This is done through:

• Loans, capital and technical assistance;
• Complementing and extending the reach of conventional lenders and public institutions; and
• Bringing people and institutions together to solve problems.

For more information about the New Hampshire Community Loan Fund, visit communityloanfund.org.

Caption: Randy Guay, Vice President, Merrimack County Savings Bank and Account Officer for the Community Loan Fund, Sarah Littlefield Connor, Director of Finance at the Community Loan Fund and Philip Emma, President of Merrimack County Savings Bank.