NH Real Estate development firm, Elm Grove Companies, will begin development on Depot & Main Apartments, an approved 74-unit LIHTC and Workforce Housing community at 41 Main Street in Salem. Having already served as an experienced LIHTC (Low-Income Housing Tax Credit) property manager, this will be the company’s first venture into the space as a developer.
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. Depot & Main Apartments is financed through the allocation of Low-Income Housing Tax Credits (LIHTC) by New Hampshire Housing that were purchased by RBC (Royal Bank of Canada), as well as tax-exempt bonds issued by NH Housing, and Community Development Block Grant (CDBG) funds administered by the New Hampshire Community Development Finance Authority (CDFA).
"These 74 new units of housing will help meet the critical need to build and preserve affordable rental housing for our state’s workforce and other residents," noted Rob Dapice, Executive Director/CEO of New Hampshire Housing.
“The market has created a desperate demand for affordable housing solutions for New Hampshire's workforce,” said Matt Menning, Principal and Head of Operations at Elm Grove. “We are thrilled to be leading this project and look forward to the new housing opportunities this will provide to our local communities. The teams at RBC and NH Housing have been true partners in bringing this project to fruition.” In addition to affordability, the site at 41 Main Street provides easy access to nearby jobs, retail shopping, services, and transportation, and is in close proximity to the new Tuscan Village development.
This development is a substantial undertaking with a total projected cost exceeding $20 million, encompassing construction, land, financing, and other soft costs. Behind the project is an established and experienced team including Development Consultant Steven Lewis, Lead Architect Burnell Johnson Architects, General Contractor Gary Chicoine Construction Company, and legal representation by Ken Viscarello's Affordable Housing Group at Sheehan Phinney.
Elm Grove Companies will break ground at the end of this month and will host a ceremony on July 26, 2022 at 10 a.m. on location at 41 Main Street, Salem, NH.
The Elm Grove family of companies is made up of Elm Grove Property Management, Elm Grove Realty, and Elm Grove Investments. Learn more at www.elmgrovecompanies.com.