Financing for Rental Housing Developments Approved

July 20, 2018

– Financing supports construction and preservation of various types of rental housing in Granite State – 

Funding for six multi-family affordable rental housing developments, which will produce or preserve 166 units of general occupancy, age-restricted and special needs housing around the state, was recently approved by the New Hampshire Housing Finance Authority Board of Directors. The housing units are in Claremont, Hampton Falls, Laconia, Lebanon, Plaistow and Rochester.

NHHFA funding allocations for these multi-family housing developments include resources derived from the federal HOME program, the state Affordable Housing Fund, and the federal Housing Trust Fund, as well as the Federal Low Income Housing Tax Credit Program (LIHTC). The LIHTC program is an important public/private financing tool that encourages developers and investors to create affordable housing multi-family units. 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 development activity had a direct economic impact in the state of $198.4 million through the construction and preservation of more than 1,300 rental housing units.

“This range of essential state and federal funding sources enables NHHFA to provide funding to public and private developers to build and preserve affordable rental housing in the state. Developing much-needed housing for the state’s workforce also boosts economic development and job creation,” noted Dean Christon, executive director of New Hampshire Housing.

Location | Project | Developer 

The Meadows Phase II 

Avesta Housing

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

Chandler Place Phase II 

Steven Lewis, Inc.

A 14-unit, age-restricted building.

Apple Ridge Phase I 

David Lemieux

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

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.)

Claremont Goddard Block

New England Family Housing

A 36-unit general occupancy project with two commercial units; purchase and rehab of historic building.

Sunrise House

Laconia Housing

A 16-unit of permanent supportive housing for persons with disabilities 62 years or older; acquisition and rehab of a 13,000+ sq.ft. 3-story office building abutting Laconia Housing’s existing Sunrise Towers building.

Parkhurst Community Housing

Twin Pines Housing

An 18-unit supportive housing renovation of an existing multi-family building to provide for those who are homeless or at risk of homelessness.