$12.5 Million in Housing Financing Approved by NHHFA

July 17, 2017

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.

Location | Project

NHHFA Financing Sources (projects may use other funding sources)

Project Details

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

Newfound River Apartments

$598,338 (LIHTC)

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

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

Mountainside Senior Living

$388,000 (LIHTC)

$388,000 federal HOME fund loan

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

Location | Project

NHHFA Financing

Project Details

NH FIT Recovery Housing Program

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

Safe Spaces Cold Weather Shelter

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

Parkhurst Supportive Housing

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)

Location | Project

NHHFA Financing

Project Details
To extend affordability period of
housing & improve it

The Residences on the Knoll Over Mystic Brook

NHHFA loan

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

Snowbrook Meadow Village


NHHFA loan

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

Pillsbury Square Apartments


NHHFA loan

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