NHHFA Provides More Than $400,000 in Financing for Affordable Elderly Housing at The Meadows at Grapevine Run
July 20, 2016
Significant funding in place to bring the first affordable senior housing project to Hampton Falls
BEDFORD, N.H. (July 19, 2016) – Next summer, 24 units of affordable one-bedroom senior housing will be available to rent in Hampton Falls, following the New Hampshire Housing Board of Director’s recent approval of $400,000 in loans for the construction of The Meadows at Grapevine Run.
The 57-acre site near the center of Hampton Falls is undeveloped and is surrounded by a horse farm, several single family homes, and other undeveloped land. The project will include a community room, laundry room, and a wellness room. Fifteen of the apartments will rent for approximately $770 including utilities and the remaining units will rent for approximately $920. Given the demand for this type of housing, the project is anticipated to rent up quickly once leasing begins. The project is sponsored by Avesta Housing, a nonprofit developer that specializes in affordable housing.
“The Meadows at Grapevine Run will be the first affordable senior housing project in Hampton Falls and is a response to the high need for affordable senior housing in this community,” said Seth Parker, director of real estate development at Avesta Housing. “We look forward to building safe, quality, and affordable homes for 24 seniors so that they can age safely and with dignity. We have a construction start date slated for August of this year with anticipated resident move-ins starting in the summer of 2017.”
“This project will serve an important need for affordable rental housing for a growing senior population in an area where rental housing supply is particularly tight,” said Dean Christon, executive director of New Hampshire Housing. “The Seacoast is the state’s highest cost rental market. It’s important for this vulnerable population to have access to quality housing at a reasonable cost.”