Financing to Create and Preserve Affordable Multi-Family Housing in Conway, Manchester & Nashua Approved by NH Housing Board
January 11, 2022
Financing for four affordable multi-family rental housing developments which will provide a total of 232 units was approved by the New Hampshire Housing Board of Directors at its December meeting. Once constructed, this housing will help meet the critical need to build and preserve affordable rental housing for our state’s workforce and other residents.
Financing was approved for the following housing developments:
- Conway – River Turn Woods, Phase I (Avesta Housing): New construction of a 40-unit general occupancy building (NH Housing financing through Low-Income Housing Tax Credit (LIHTC), Housing Trust Fund loan, HOME loan); 30 units will be income-targeted for households, 10 units will be rented at market rate.
- Manchester – RENEW II (NeighborWorks Southern NH): Refinancing and rehabilitation funding of three properties with a total of 101 general occupancy units; (NH Housing financing through LIHTC); five buildings with 14 one-bedroom units, 28 two-bedroom units, and 59 three-bedroom units.
Additionally, the Board approved two additional reservations for the 2022 Low-Income Housing Tax Credit program:
- Manchester – Kelley Falls, Phase I (Manchester Housing & Redevelopment Authority): New construction of two 24-unit buildings subsidized with federal project-based housing vouchers.
- Nashua – The Apartments at 249 Main Street (NeighborWorks Southern NH):
43 general occupancy units in a mixed-use building in downtown Nashua.
The allocation of Low-Income Housing Tax Credits (LIHTC) accounts for about 95% 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 multi-family housing include the federal HOME Investment Partnerships Program and Housing Trust Fund, the state Affordable Housing Fund, and tax-exempt bond financing.
“Through these targeted state and federal funding sources, we are able to finance the development of multi-family housing, helping to meet the great demand and need for homes for our state’s workforce and vulnerable elderly or disabled citizens,” noted Rob Dapice, executive director of New Hampshire Housing.
New Hampshire Housing manages the financing of new multi-family 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 multi-family housing for low- and moderate-income families by using tax credits to leverage private equity investment in these properties. Over 25 years, LIHTC financing has added nearly $1 billion of investment in New Hampshire. The housing credit program leverages ten times the amount awarded to help generate private capital to develop affordable housing in the state.
- Take a video tour of six NH Housing-financed multi-family developments
- December 2021 Housing Market Snapshot
- Housing Market Reports
- New Hampshire’s Workforce Housing Law: A 10-Year Retrospective on the Law’s Impact on Local Zoning and Creating Workforce Housing
- 2021 New Hampshire Residential Rental Cost Survey Report
- Developing Employer-Assisted Housing
- North Country Housing Needs Analysis
- New Hampshire Housing FY21 Annual Report
- 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 more than 15,000 multi-family housing units.
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