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Financing for Rental Housing Developments Approved by NHHFA Board

Published on July 23, 2018 by New Hampshire Housing Finance Authority
Financing for Rental Housing Developments Approved by NHHFA Board

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

BEDFORD, NH – 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 Naew 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.

NEW CONSTRUCTION
Location | Project | Developer

 

HAMPTON FALLS
The Meadows Phase II
Avesta Housing
A 48-unit, age-restricted two-building development
PLAISTOW
Chandler Place Phase II
Steven Lewis, Inc.
A 14-unit, age-restricted building
ROCHESTER
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
Claremont Goddard Block
New England Family Housing
A 36-unit general occupancy project with two commercial units; purchase and rehab of historic building
LACONIA
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.
LEBANON
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

About New Hampshire Housing
As a self-supporting public benefit corporation, New Hampshire Housing Finance Authority promotes, finances and supports affordable housing. 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 45,000 families purchase their own homes and has been instrumental in financing the creation of more than 14,500 multi-family housing units.

Media Contact
Grace Lessner
603-310-9371
glessner@nhhfa.org

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