Financing for 13 Rental Housing Developments Approved by NHHFA Board
October 31, 2018
Financing supports construction and preservation of various types of rental housing in Granite State –
Funding for 13 multi-family affordable rental housing developments, which will produce or preserve approximately 600 units of general occupancy, age-restricted, and special needs housing, was recently approved by New Hampshire Housing Finance Authority. The developments are in Ashland, Bethlehem, Concord, Dover, Enfield, Hanover, Keene, Londonderry, Merrimack, Plymouth, Portsmouth, and Walpole.
New Hampshire Housing Finance Authority funding allocations for these multi-family housing developments include resources derived from the federal HOME Investment Partnerships Program program, the state Affordable housing is housing, rental or owner-occupied, that costs no more than 30% of one's gross income. Rental cost is defined as rent plus utilities. Ownership cost is defined as monthly principal, interest, taxes and insurance. Fund, and the federal Housing Trust Fund, as well as the Federal The Low Income Housing Tax Credit is a Federal housing assistance program through the Internal Revenue Service that provides tax incentives to owners of affordable housing. The program does not provide direct assistance to renters and is used to finance the construction (not the operation) of rental properties. Usually, LIHTC properties have units available for families earning 60% or less of the Area Median Income (AMI) and charge them lower than market rent. Program (Low Income Housing Tax Credit (Housing Credit)). About $4.6 million in federal tax credits were allocated to seven of the nine projects that applied, based on how they scored on the project evaluations.
The LIHTC program is an important public/private financing tool that encourages developers and investors to create affordable multi-family housing. These LIHTC-funded developments will leverage $4.6 million in tax credits into a public-private investment in the state of at least $60 million. Last year, NHHFA’s multi-family development activity had a direct economic impact in the state of $200 million through the construction and preservation of nearly 1,000 rental housing units.
“These are essential state and federal sources that enable NHHFA to provide funding to public and private developers to build and preserve affordable rental housing in the state for our workforce and other residents. Developing housing boosts the state’s economic development and increases jobs,” noted Dean Christon, executive director of New Hampshire Housing.
Location | Project | Developer
Bethlehem Workforce housing includes a variety of housing types that is affordable (no more than 30% of gross income spent on housing cost) suitable for households of working people with different needs and income levels. Due to their income, this population is generally not eligible for any federal assistance programs. New Hampshire’s workforce housing law defines workforce housing as housing that is affordable to a renter earning up to 60% of the Area Median Income for a family of three paying no more than 30% of their income on rent and utilities or a homeowner earning up to 100% of the Area Median Income for a family of four paying no more than 30% of their income on principal, interest, taxes and insurance.
|A 28-unit, general occupancy development consisting of 14 two-bedroom units and 14 one-bedroom units. Will incorporate a solar array to offset energy expenses.
$670,313 LIHTC funding
Penacook Landing Phase I
Caleb Development Corp.
|A 34-unit general occupancy development consisting of 25 one-bedroom units and 9 two-bedroom units.
$714,000 LIHTC funding
Bradley Commons Phase II
The Housing Partnership
|A 10-unit residential building consisting of a one-bedroom unit and nine two-bedroom units (adjacent to a recently completed 39-unit LIHTC project in downtown Dover)|
Summer Park Residences
Twin Pines Housing
|A new 3-story building to replace the three current buildings that contain 24 units of age-restricted housing. A subsequent phase will expand the project by 18 units with 12 studio units and 12 one-bedroom units.
$540,530 LIHTC funding
NeighborWorks Southern New Hampshire
|A 45-unit development consisting of 31 two-bedroom and 14 three-bedroom units.
$800,000 LIHTC funding
Court Street Apartments
Portsmouth Housing Authority
|A 64-unit general occupancy development consisting of 48 one-bedroom units and 16 two-bedroom units. Project includes affordable apartments for people from a broad range of lower and middle-income levels.
$800,000 LIHTC funding
Abenaki Springs Phase II
Avanru Development Group
|A 22-unit general occupancy development consisting of 14 one-bedroom units and 8 two-bedroom units.
$492,070 LIHTC funding
|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.)|
Harvey Heights Phase I
Lakes Region Community Developers
|Consists of two buildings constructed in 1975, with 4 one-bedroom units and 36 two-bedroom units. Renovation of an existing general occupancy project with a U.S. Department of Agriculture Rural Development Contract that provides rental assistance for 100% of the units.
$552,835 LIHTC funding
Westgate Village Apartments
|Refinance with repairs and upgrades to an existing 130-unit general occupancy project|
Visions for Creative Housing Solutions, Inc.
|Rehabilitation of 16 units in three existing buildings including site work and energy efficient improvements. This property will continue to serve adults with developmental disabilities.|
Central Square Terrace
|Acquisition/rehabilitation of a 90-unit age-restricted downtown property that is on the National Register of Historic Places.|
Wallace Farm Phase I
Wallace Farm, LLC
|Permanent financing of a 96-unit general occupancy workforce housing project that will extend affordability and improve accessibility for people with disabilities.|
Bridge House Expansion Project
Bridge House, Inc.
|Expansion of existing 20-bed emergency shelter for homeless to provide six units of permanent supportive housing for persons experiencing homelessness, with a preference for veterans. The expansion will include new construction of the six units, and congregate kitchen, dining and common areas.|
Other NHHFA News:
- June 2018 NHHFA Housing Market Report (next report comes out in November)
- NHHFA Housing Market Reports
- 2018 New Hampshire Residential Rental Cost Survey report
- A New Hampshire Homeowner’s Guide to Accessory Dwelling Units
- Accessory Dwelling Units in New Hampshire: A Guide for Municipalities
- New Hampshire housing market, economic and demographic data and research at