Concord Coalition South State Street project receives funding boost from Merrimack County Savings Bank
|Published: 11-16-2023 4:24 PM
The initiative to build permanent housing in the city will get a $100,000 boost from the Merrimack County Savings Bank.
The funding, pledged to the Concord Coalition to End Homelessness over two years, will support the construction of eight one-bedroom units on South State Street.
“It’s very rewarding to be able to make this contribution that will go toward providing housing and stability to our neighbors in need,” Linda Lorden, president of the bank, said in a statement.
The money will come through the Community Development Finance Authority, meaning that the bank will receive a tax credit for their funding support. This tax credit can then be applied against state business tax payments.
When complete, the South State Street project will follow the Coalition’s existing model of providing permanent supportive housing. This means serving as a landlord to individuals who are housed while they receive case management services.
The nonprofit currently houses clients in a property on Green Street and is completing renovation projects on West Street and Pleasant Street. In total, these four sites will house 21 individuals.
The South State Street project has a price tag of $2.3 million, which comes out to $287,500 per unit. The Coalition purchased the building from South Congregational Church, so that it could be converted into affordable housing. In 2022, the Concord City Council approved $500,000 in Community Development Block Grant funding to support the project as well.