Rad Nicols, COAST Executive Director, stands at the COAST facility in Dover with Julie Clement, MVSB Vice President, Business Development, Traynor Cully, Assistant Vice President, Commercial Loan Officer, and Angela Salb, MVSB Vice President, Commercial Loan Officer.
The Cooperative Alliance for Seacoast Transportation (COAST), a nonprofit public transportation agency that serves the Seacoast region, was awarded tax credits from the Community Development Finance Authority (CDFA) to construct a new facility to support increased access to reliable public transportation. MVSB is proud to have purchased $5,000 in tax credits in support of the project.
“COAST provides critical transportation services to more than a dozen communities across the Greater Seacoast region, and we have grown tremendously since our inception over 40 years ago,” said Rad Nicols, COAST Executive Director. “We’ve now outgrown our current maintenance and operations facility in Dover and replacing it at the current site will allow us to continue our mission and help further drive and support economic growth in the Seacoast. We are grateful for the community business support we have received and look forward to project progression over the next few years.”
“Affordable and reliable transportation is essential to economic growth in New Hampshire’s communities,” said Marcus Weeks, MVSB President. “COAST is making great strides in broadening education and work opportunities in the Seacoast area and allowing residents to maintain independence with other daily needs like shopping and appointments. We are proud to lend our support to help them continue to grow their services.”
COAST is a nonprofit public transportation agency whose mission is to champion and provide customer-focused public transportation with a commitment to excellence in safety and service. COAST connects people and communities. Go to coastbus.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.
