$4 Million in Housing Financing Approved by NHHFA Board

March 30, 2018

– 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.

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)

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