$12.3 million awarded to four affordable housing projects in New Hampshire

January 13, 2021

Jeff Feingold,

A $644,000 grant and subsidy and $650,000 loan from the Federal Home Loan Bank of Boston will help fund acquisition and rehabilitation of 37 rental apartments at Mary Gale Apartments in Manchester.

The Federal Home Loan Bank of Boston has awarded more than $12.3 million in grants, loans, and interest-rate subsidies to support four affordable housing initiatives in New Hampshire.

The projects, funded in part through FHLBank Boston’s Affordable Housing Program, will create or preserve 128 rental and homeownership units for individuals and families earning up to 80% of the area median income.

The grants and loans will be used to help pay construction, acquisition or rehabilitation costs. Member financial institutions work with local developers to apply for funding, which is awarded through a competitive scoring process.

The funds are awarded to projects through financial institutions that are members of FHLBank Boston. Initiatives receiving support were:

Avesta Housing Development Corp.’s Technology Village Phase I in Conway, a 156-unit multi-phase mixed-rental project, which received a $999,000 grant and $1.35 million subsidy, through Bangor Savings Bank. Phase I will include 40 rental apartments for families not exceeding 60% of area median income.
Avesta Housing Development’s Central and Crowley project in Farmington, which received a $1 million grant and subsidy and $1.3 million loan through Bangor Savings Bank. The project involves acquisition and rehabilitation of 21 rental units in two buildings located in the Village Center District.
Manchester Housing and Redevelopment Authority’s Mary Gale Apartments, which received a $644,000 grant and subsidy and $650,000 loan through Citizens Bank. The project involves acquisition and rehabilitation of 37 rental apartments in a three-story, historically significant building that occupies an entire city block.

• Boston Capital Development LLC and Nashua Housing and Redevelopment Authority’s Bronstein Redevelopment, which received a $999,000 grant and subsidy and $5.3 million loan through Eastern Bank. The project involves demolition and new construction to create 50 rental apartments on a 4.2-acre site in Nashua. It is the first of two phases that is planned to ultimately create 216 affordable units.