Dover senior housing project wins funding

Developed by Housing Initiatives of New England Corp.

A new affordable housing development for seniors is moving forward in Dover due to New Hampshire Housing funding.

When complete, the two buildings being developed by Housing Initiatives of New England Corp. will result in nearly 60 units of senior rental housing in Dover.

The development will also offer optional home-based care and assisted living services through Abundant Blessings Homecare, and residents will have access to meal services if they request it.

Cynthia Taylor, president of Housing Initiatives of New England, said the project’s proximity to shopping, two independent retirement communities and medical facilities, including a hospital, would make it an attractive option for aging seniors.

Mast Landing received a combination of tax-exempt bonds and Low Income Housing Tax Credits, which are both federal funding sources, from New Hampshire Housing. Tax credits have a track record of providing developers with the public-private partnerships and investments they need to build new rental housing, which is in high demand and short supply.

Taylor said affordable housing deals like this one can be difficult to put together.

"We're fortunate to have the low income housing tax credit funding to provide this type of housing," she said.

Categories: Real Estate & Construction