NHHFA Provides $250,000 in Funds for Neighborhood Development Initiatives
June 6, 2016
NeighborWorks Southern New Hampshire and Upper Valley Habitat for Humanity receive resources to support down payment assistance, rehab loans, and neighborhood revitalization projects
BEDFORD, N.H. – The New Hampshire Housing Finance Authority’s Board of Directors recently approved the allocation of grant and loan funds in the amount of $125,000 each to NeighborWorks Southern New Hampshire and Upper Valley Habitat to support neighborhood revitalization efforts in Nashua and Claremont.
Funding for NeighborWorks Southern New Hampshire (NWSNH) supports their Nashua Tree Streets Revitalization Project. Under this program, members of NWSNH staff have already spent considerable time meeting with community and neighborhood leaders, residents and business owners to understand issues facing the neighborhood and work on strategies to help move this neighborhood forward from an economic and residential perspective. The new funding will allow NWSNH to continue this work and also provide financial resources that will allow residents to invest in improving their homes and induce new homebuyers to settle in the neighborhood. “Tree Streets” is a neighborhood adjacent to downtown Nashua with borders defined by Main and Pine Streets.
Funding for Upper Valley Habitat for Humanity (UVHH) provides the capital needed to help UVHH complete activities under their Claremont Neighborhood Stabilization Initiative. The focus of the revitalization project is a neighborhood bordered by Pleasant, Prospect, Mulberry, and Central Streets. The neighborhood has the highest percentage of low-income residents in the city and includes approximately 400 dwellings, half are owner-occupied. UVHH has been working closely with the City of Claremont and neighborhood residents and business owners to improve conditions in the area. In addition to the general program funds, down payment and closing cost assistance will be made available to help support new buyers in the neighborhood. Rehabilitation loans will be made available to qualified residents and buyers to upgrade the housing stock.
“We are pleased to support the community stabilization and revitalization efforts of Neighborworks Southern New Hampshire and Upper Valley Habitat for Humanity as they expand their approaches to helping families at the neighborhood level,” said Dean Christon, executive director of New Hampshire Housing. “Access to deferred payment loans to support homeownership and rehabilitate distressed homes in the area will enable new and existing residents to take even greater pride in their homes and strengthen incentive for families and individuals to rent or buy in these neighborhoods.”
Funding for the two programs comes from a $50,000 grant to each agency from New Hampshire Housing’s Emerging Opportunities Program and $75,000 to each agency from the Authority-administered Housing Loan Trust (HLT) Fund.
The Emerging Opportunities Grant Program, now in its fourth year, is offered annually by New Hampshire Housing. The program is intended to encourage and support innovative new initiatives involving non-profit organizations engaged in affordable housing activities.
The Housing Loan Trust Fund was established by state statute in 1988 to assist low- to moderate-income persons and families to achieve homeownership by providing down payment and closing cost assistance, and rehabilitation loans. This revolving loan fund serves those who earn 100% or less of the area median income.
About New Hampshire Housing Finance Authority: New Hampshire Housing Finance Authority is a self-supporting public benefit corporation. The Authority operates a number of rental and homeownership programs designed to assist low- and moderate-income persons with obtaining affordable housing. Since its inception, New Hampshire Housing has helped more than 41,000 families purchase their own homes and has been instrumental in financing the creation of more than 14,500 multi-family housing units. More information about its programs can be found on the agency’s website at www.nhhfa.org or www.gonewhampshirehousing.com.