$12.5 Million in Housing Financing Approved by NHHFA

–  Supports construction and preservation of rental and special needs housing around Granite State –

A total of $12.5 million for the construction of new multi-family rental developments in Exeter, Bristol, and Jaffrey, as well as for supportive housing units and the refinancing of three existing developments, was recently approved by the New Hampshire Housing Finance Authority (NHHFA). With additional funding of $25.5 million from other sources, these developments reflect a public-private investment of $38 million in multi-family housing in the state, supporting the retention or creation of more than 300 construction-related jobs.

Funding for three supportive housing projects will help renovate a former Manchester department store into transitional recovery housing for individuals with substance use disorder, help create a permanent cold weather shelter in Concord, and finance housing in Lebanon focused on serving those who are chronically homeless.

The New Hampshire Housing Board of Directors also approved funding to refinance existing developments in Derry, Goffstown, and Winchester that will extend the length of their rental affordability and improve the units.

The four new construction developments reflect an investment in the state’s affordable housing stock through the federal Low Income Housing Tax Credit Program (LIHTC), an incentive program for private developers and investors. As the state’s LIHTC administrator, NHHFA evaluates the developers’ proposals and allocates the tax credits based on the percentage of units designated for low and moderate income families. Developers finance project construction by selling their tax credits to investors, who in turn receive the benefit over a 10-year period.

“As an example of how these federal housing tax credits benefit the state, $600,000 in tax credit funding for the Newfound River Apartments development will generate $5.8 million in private equity investment,” noted Dean Christon, executive director of New Hampshire Housing. “The housing tax credits leverage a public-private investment to create and preserve affordable rental housing construction, and boost economic development and job creation in New Hampshire.”

NHHFA recently released its annual Residential Rental Cost Survey, which found that the state’s tight rental market continues to drive vacancy rates down and rents up. The next NHHFA Housing Market Update report will be available in August.

 

NEW CONSTRUCTION
Location | Project

NHHFA Financing Sources (projects may use other funding sources)

 

Project Details
 

EXETER
Three Meeting Place

$673,236 (LIHTC)

$1,100,000 federal HOME fund loan

A 43-unit non-age restricted development; 38 units are income-restricted

BRISTOL
Newfound River Apartments

$598,338 (LIHTC)

 

A 32-unit, non-age restricted development; 29 units are income-restricted

EXETER
Homestead House at the Meeting Place

$516,074 (LIHTC)

$400,000 federal HOME fund loan

A 28-unit, non-age restricted; 26 units are income-restricted

JAFFREY
Mountainside Senior Living

$388,000 (LIHTC)

$388,000 federal HOME fund loan

A 24-unit, age-restricted project  are income-restricted

 

SUPPORTIVE HOUSING PROJECTS
Location | Project

 

NHHFA Financing

 

Project Details

MANCHESTER
NH FIT Recovery Housing Program

$720,000
State Affordable Housing Fund

Rehab of third floor of the former Hoitt’s Furniture building to provide transitional recovery beds for persons exiting inpatient treatment; capacity for up to 25 beds

CONCORD
Safe Spaces Cold Weather Shelter

$250,000
NHHFA loan

Acquire and rehab 2-family home for continued use as a homeless resource center and construct a new building to serve as a low-barrier seasonal shelter

LEBANON
Parkhurst Supportive Housing

$1,350,000
federal Housing Trust Fund loan

Acquire and rehab 18-unit apartment building for permanent supportive housing for extremely low income households (with focus on chronically homeless)

 

REFINANCING / PRESERVATION
Location | Project

NHHFA Financing

Project Details
To extend affordability period of
housing & improve it

GOFFSTOWN
The Residences on the Knoll Over Mystic Brook

$5,700,000
NHHFA loan

Refinancing of existing 48 unit non-age restricted development; 10 units are income-restricted

WINCHESTER
Snowbrook Meadow Village

$455,000

NHHFA loan

A 20-unit, non-age restricted, income-restricted project

DERRY
Pillsbury Square Apartments

$1,475,000

NHHFA loan

A 28-unit age-restricted project with Section 8 Project-Based Rental Assistance


 

About New Hampshire Housing: As a self-supporting public benefit corporation, New Hampshire Housing Finance Authority promotes, finances and supports affordable housing. The Authority operates a number of rental and homeownership programs designed to assist low- and moderate-income persons with obtaining affordable housing. Since its inception, New Hampshire Housing has helped more than 44,000 families purchase their own homes and has been instrumental in financing the creation of more than 14,500 multi-family housing units. www.GoNewHampshireHousing.com | www.nhhfa.org