Financing for Six New Multifamily Housing Developments Approved by New Hampshire Housing Board
December 21, 2022
Financing for six multifamily housing developments in Concord, Hillsborough, Nashua and Rochester was recently approved by the New Hampshire Housing Board of Directors. Once constructed, these 341 new units will help meet the critical need for affordable rental housing for our state’s workforce and other residents.
The following projects will be funded through the allocation of Low-Income Housing Tax Credits (LIHTC), along with other federal and state funding:
- Concord – Pembroke Road Apartments (Tamposi Brothers Holdings, LLC / Brookline Opportunities, LLC): New construction of 39 general occupancy two-bedroom units. Of the total units, 31 units will be reserved for households with incomes at or below 60% of the area median income (AMI), four units at or below 50% of AMI, and four units at or below 30% of AMI for households participating in the Section 811 PRA program which serves individuals with severe mental illness.
- Concord – Sheep Davis Road (CATCH Neighborhood Housing): New construction of 48 general occupancy units (28 one-bedroom units, 17 two-bedroom and 3 three-bedroom units). Of the total units, 12 will be market rate units, seven are for households with incomes at or below 60% of AMI, 17 are for households with incomes at or below 50% of AMI, and 12 units at or below 30% of AMI are for households participating in the Section 811 PRA program.
- Hillsborough – Hillsborough Heights (Avanru Development Group): New construction of 42 general occupancy units (24 one-bedroom and 18 two-bedroom) within walking distance of local employers, medical services, and amenities. Of the total units, 33 will be for households with incomes at or below 60% of area median income, five units for households with incomes at or below 50% of AMI, and four units at or below 30% of AMI are for households participating in the Section 811 PRA program.
- Nashua – The Apartments at 249 Main Street – Phase I (NeighborWorks Southern New Hampshire): New construction of 45 general occupancy units (19 one-bedroom and 26 two-bedroom) with a community room and laundry facilities. Of the total units, 21 will be for households with incomes at or below 60% of AMI, nine for households with incomes at or below 50% of AMI, four at or below 30% of AMI are for households participating in the Section 811 PRA program, and 11 units will be market rate.
- Nashua – Coliseum Seniors Residence III (Housing Initiatives of New England Corp.): Acquisition and renovation of an existing 101-unit, age-restricted Section 8 property, and new construction of 32 units. All units will be reserved for households with incomes at or below 60% of AMI.
- Rochester – Apple Ridge Apartments Phase III (McIntosh Development, LLC): New construction of the third and final phase with 34 general occupancy units (18 one-bedroom and 16 two-bedroom). Of the total units, 25 units are for households with incomes at or below 60% of AMI, six units are for households with incomes at or below 50% of AMI, and three units at or below 30% of AMI are for households participating in the Section 811 PRA program. When this phase is completed, there will be 102 units of workforce housing at Apple Ridge.
The allocation of Low-Income Housing Tax Credits (LIHTC) accounts for the majority of publicly funded workforce housing produced in New Hampshire. Other key federal and state funding sources that New Hampshire Housing administers for the construction and preservation of affordable multifamily housing include the federal NH Housing InvestNH funds, HOME Investment Partnerships Program, and Housing Trust Fund, as well as the state Affordable Housing Fund, and tax-exempt bond financing.
New Hampshire Housing manages the financing of new multifamily rental unit construction, and refinances and recapitalizes existing properties to preserve affordable housing units in the state. Our programs address affordable and workforce housing needs, as well as supportive housing for vulnerable and underserved populations including veterans, persons with substance use disorders, the formerly incarcerated, and individuals with intellectual and developmental disabilities.
The federal LIHTC program is an important public/private financing tool that encourages developers and investors to create affordable multifamily housing for low- and moderate-income families by using tax credits to leverage private equity investment in these properties. Over the past 26 years, LIHTC financing has added nearly $1 billion of investment in New Hampshire. The housing credit program leverages ten times the amount awarded to generate private capital to help develop affordable housing in the state.
- Take a video tour of six NH Housing-financed multi-family developments
- Housing Market Reports
- 2022 New Hampshire Residential Rental Cost Survey Report
- FY22 New Hampshire Housing Annual Report
- New Hampshire’s Workforce Housing Law: A 10-Year Retrospective on the Law’s Impact on Local Zoning and Creating Workforce Housing
- Developing Employer-Assisted Housing
- New Hampshire housing market economic and demographic data
About New Hampshire Housing: As a self-supporting public corporation created by the state legislature, New Hampshire Housing promotes, finances and supports affordable housing. New Hampshire Housing has helped more than 50,000 families purchase their own homes and been instrumental in financing the creation of 16,000 multifamily housing units.
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