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Financing for 13 Rental Housing Developments Approved by NHHFA Board

October 31, 2018

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

Funding for 13 multi-family affordable rental housing developments, which will produce or preserve approximately 600 units of general occupancy, age-restricted, and special needs housing, was recently approved by New Hampshire Housing Finance Authority. The developments are in Ashland, Bethlehem, Concord, Dover, Enfield, Hanover, Keene, Londonderry, Merrimack, Plymouth, Portsmouth, and Walpole.

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). About $4.6 million in federal tax credits were allocated to seven of the nine projects that applied, based on how they scored on the project evaluations.

The LIHTC program is an important public/private financing tool that encourages developers and investors to create affordable multi-family housing. These LIHTC-funded developments will leverage $4.6 million in tax credits into a public-private investment in the state of at least $60 million. Last year, NHHFA’s multi-family development activity had a direct economic impact in the state of $200 million through the construction and preservation of nearly 1,000 rental housing units.

“These are essential state and federal sources that enable NHHFA to provide funding to public and private developers to build and preserve affordable rental housing in the state for our workforce and other residents. Developing housing boosts the state’s economic development and increases jobs,” noted Dean Christon, executive director of New Hampshire Housing.

NEW CONSTRUCTION
Location | Project | Developer
BETHLEHEM
Bethlehem Workforce Housing
AHEAD		 A 28-unit, general occupancy development consisting of 14 two-bedroom units and 14 one-bedroom units. Will incorporate a solar array to offset energy expenses.

$670,313 LIHTC funding
CONCORD
Penacook Landing Phase I
Caleb Development Corp.		 A 34-unit general occupancy development consisting of 25 one-bedroom units and 9 two-bedroom units.
$714,000 LIHTC funding
DOVER
Bradley Commons Phase II
The Housing Partnership		 A 10-unit residential building consisting of a one-bedroom unit and nine two-bedroom units (adjacent to a recently completed 39-unit LIHTC project in downtown Dover)
HANOVER
Summer Park Residences
Twin Pines Housing		 A new 3-story building to replace the three current buildings that contain 24 units of age-restricted housing. A subsequent phase will expand the project by 18 units with 12 studio units and 12 one-bedroom units.

$540,530 LIHTC funding
MERRIMACK
Merrimack Townhomes
NeighborWorks Southern New Hampshire		 A 45-unit development consisting of 31 two-bedroom and 14 three-bedroom units.
$800,000 LIHTC funding
PORTSMOUTH
Court Street Apartments
Portsmouth Housing Authority		 A 64-unit general occupancy development consisting of 48 one-bedroom units and 16 two-bedroom units. Project includes affordable apartments for people from a broad range of lower and middle-income levels.
$800,000 LIHTC funding
WALPOLE
Abenaki Springs Phase II
Avanru Development Group		 A 22-unit general occupancy development consisting of 14 one-bedroom units and 8 two-bedroom units.

$492,070 LIHTC funding
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.)
ASHLAND
Harvey Heights Phase I
Lakes Region Community Developers		 Consists of two buildings constructed in 1975, with 4 one-bedroom units and 36 two-bedroom units. Renovation of an existing general occupancy project with a USDA Rural Development Contract that provides rental assistance for 100% of the units.
$552,835 LIHTC funding
DOVER
Westgate Village Apartments
SK Companies		 Refinance with repairs and upgrades to an existing 130-unit general occupancy project
ENFIELD
Sunrise Farm
Visions for Creative Housing Solutions, Inc.		 Rehabilitation of 16 units in three existing buildings including site work and energy efficient improvements. This property will continue to serve adults with developmental disabilities.
KEENE
Central Square Terrace
Keene Housing		 Acquisition/rehabilitation of a 90-unit age-restricted downtown property that is on the National Register of Historic Places.
LONDONDERRY
Wallace Farm Phase I
Wallace Farm, LLC		 Permanent financing of a 96-unit general occupancy workforce housing project that will extend affordability and improve accessibility for people with disabilities.
PLYMOUTH
Bridge House Expansion Project
Bridge House, Inc.		 Expansion of existing 20-bed emergency shelter for homeless to provide six units of permanent supportive housing for persons experiencing homelessness, with a preference for veterans. The expansion will include new construction of the six units, and congregate kitchen, dining and common areas.

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