Mar 19, 2017 4:09 PM
Developer seeks subsidy for luxury condo buyers in NH
The Associated Press
CONCORD (AP) — Buyers of luxury condos in the converted Sacred Heart Church could get tens of thousands of dollars in tax breaks if the developer's request is approved.
The Concord Monitor reports that each buyer could receive a tax break worth an average of $36,000 over six years.
The newspaper said the tax relief program would temporarily ignore the property's enhanced value for taxation purposes, creating a subsidy topping $350,000.
Developer Jon Chorlian hasn't explained the reasons for his application for subsidies on the $3.2 million renovation project but noted that the preserving the Gothic structure is good for the city. The structure dates to the 1930s.
The project is slated to be complete at the beginning of June. The newspaper said Chorlian didn't respond to requests for comment.