$4 Million in Housing Financing Approved by NHHFA Board

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

Federal tax credit funding totaling nearly $4 million for eight multi-family affordable rental housing developments, which will produce or preserve more than 230 units around the state, was recently approved by the New Hampshire Housing Finance Authority (NHHFA) Board of Directors.

Federal Low Income Housing Tax Credit Program (LIHTC) funds were allocated for housing developments in Berlin, Claremont, Dover, Hampton Falls, Lebanon, Plaistow and Rochester. The LIHTC program is an important public/private financing tool that encourages developers and investors to create affordable housing multi-family units. See below for details on each of the developments.

As the state’s LIHTC administrator, NHHFA evaluates developers’ proposals and allocates tax credits based on the percentage of units designated for low- and moderate-income families. Developers finance project construction by exchanging tax credits for equity investments in properties; investors receive a tax benefit over a 10-year period.

For example, by leveraging the sale of approximately $650,000 in tax credits, Twin Pines Housing Trust, the developer of the 29-unit Tracy Street Apartments in Lebanon, will generate about $5.7 million in private investment for that development. In addition to the LIHTC funding, the eight multi-family developments may be eligible for other NHHFA funding allocations from the NHHFA-administered federal HOME subsidy, the state Affordable Housing Fund, and/or the federal Housing Trust Fund. 

These LIHTC developments will leverage $4 million in tax credits into a public-private investment in the state of at least $35 million. Last year, NHHFA’s multi-family rental housing development had a direct economic impact in the state of $198.4 million through construction of affordable housing units.

“The housing tax credits support the creation and preservation of affordable rental housing construction, and boost economic development and job creation in New Hampshire. Many of the resources that New Hampshire Housing relies on to meet the state’s critical housing needs are derived from this and other important federal housing programs,” noted Dean Christon, executive director of New Hampshire Housing.

Other NHHFA News:

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 rental and homeownership programs that 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. NHHFA.org

 

NEW CONSTRUCTION
Location | Project | Sponsor

NHHFA Financing Sources (projects may use other funding sources)

 

Details
 

DOVER
Cocheco River Manor
CAP of Strafford County

LIHTC    $485,337
 LIHTC equity  $4,270,539

A 24-unit, age-restricted building; 2 units reserved for veteran or homeless households.

DOVER
Bradley Commons Phase II
The Housing Partnership

LIHTC    $219,477 
 LIHTC equity  $1,865,562

A 10-unit, general occupancy building.

HAMPTON FALLS
The Meadows Phase II
Avesta Housing

LIHTC  $600,000
LIHTC equity  $5,699,430

A 48-unit, age-restricted two-building development.

LEBANON
Tracy Street Apartments
Twin Pines Housing Trust

LIHTC   $648,235
LIHTC equity  $ 5,510,000

 

A 29-unit, general occupancy downtown development designed to achieve Net Zero certification, meaning it will only use as much energy as can be generated onsite. This is NHHFA’s first Net Zero funded development. Four units are designated for supported housing for people with developmental disabilities, in partnership with Visions for Creative Housing Solutions of Enfield.

PLAISTOW
Chandler Place Phase II
Steven Lewis, Inc.

LIHTC    $212,587
LIHTC equity  $1,870,579

A 14-unit, age-restricted building.

ROCHESTER
Apple Ridge Phase I
David Lemieux

LIHTC  $750,370
LIHTC equity  $6,602,598

A 34-unit (22 one-bedroom and 12 two-bedroom), general occupancy building.

 

REFINANCE / PRESERVATION / ADAPTIVE REUSE
Housing that is refinanced and improved to extend affordability period; created or preserved for affordability; buildings repurposed into housing, e.g., schools, stores, churches, etc.

Location | Project | Sponsor

NHHFA Financing

Details

BERLIN
St. Regis House

Berlin Housing Authority

LIHTC     $450,000
LIHTC equity  $4,004,600

Purchase, rehab & preservation of downtown historic schoolhouse with 42 age-restricted units subsidized by a project-based rental assistance contract.

CLAREMONT
Claremont Goddard Block
New England Family Housing

LIHTC  $596,000
LIHTC equity  $5,125,000

Purchase and rehab of building in historic district, renovated into a 36-unit general occupancy project, and two commercial units (9 market rate units)