Financing for Rental Housing Approved

Parkhurst Community Housing in Lebanon, one of several rental housing projects financed by NHHFA. (Photos courtesy of Rob Strong Photography) 

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 NH 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).

According to a statement, 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,” says Dean Christon, executive director of New Hampshire Housing.

Location/Project/Developer

New Construction:

• Hampton Falls/The Meadows Phase II/Avesta Housing (48-unit, age-restricted two-building)
• Plaistow/Chandler Place Phase II/Steven Lewis, Inc. (14-unit, age-restricted)
• Rochester/Apple Ridge Phase I/David Lemieux (34-unit general occupancy building)

Preservation - Adaptive Reuse 

• Claremont/Goddard Block/New England Family Housing (36-unit general occupancy)
• Laconia/Sunrise House/Laconia Housing (16-unit of permanent supportive housing)
• Lebanon/Parkhurst Community Housing/Twin Pines Housing (18-unit supportive housing)