Special Bd. of Aldermen — 05/20/2019 Page 11
Mr. Cummings
Correct.
Mr. Teeboom Well one more question, | thought the RSA that this whole scheme is based on, with these two
corporations that you are forming was for low income areas. Is that incorrect.
President Wilshire
That's true.
Mr. Teeboom Well since when is downtown a low income area.
Mr. Cummings
Thank you so | wanted to clarify that the RSA was not created for low income areas, what | believe you are
referring to is the New Market Tax Credit Program specifically which is created for low income areas. And | will
actually defer to Niel Cannon who can speak to this very specific point.
Mr. Cannon
Really negative but something really positive, but negative. The downtown Nashua census track which is the
sub-city areas upon which eligibility for New Markets is based; there are 104 census tracts in the State eligible
for New Markets; this one ranks the 104" worst. It’s the worst census track in the state in terms of percent of
median family income versus the State average. The worst, 104" out of 104.
Mr. Teeboom So this qualifies.
Mr. Cannon
So this qualifies because it is severely distressed, that’s the whole purpose of this project, to attract people to
spend money downtown.
Mr. Teeboom | know that’s the purpose of the project, but | didn’t know it was a low income area.
Mr. Cannon
Oh it is.
Mr. Teeboom So the median income area in downtown, what is the number?
Mr. Cannon
It's something like $23,000.00.
Mr. Teeboom That’s about 40% or 50% for a single person.
Mr. Cannon
That’s 30% of the State Median.
Mr. Teeboom 30%, yeah that’s low income. Ok well that’s the questions | have, now let me make my
comments. You know | have not been against the Performing Arts Center, | prefer to have it at Court Street
