Harvey Heights in Ashland receives $2.5M in construction financing
Franklin Savings Bank, Lakes Region Community Developers fund renovation of affordable housing property
Franklin Savings Bank is providing $2.5 million in construction financing to assist with renovations to Harvey Heights located on Ledgewood Lane in Ashland, NH. Formerly known as Ledgewood Estates, Harvey Heights was purchased more than two years ago by Lakes Region Community Developers. The property provides 40 affordable housing units to households earning up to 50% of the area median income, with onsite healthcare services and educational outreach.
Renovations, which are already underway, will encompass new roofs, new heating systems, improved insulation, kitchen and bathroom updates, installation of sprinkler systems, upgrades to fire alarm systems, re-surfacing of parking lots, as well as other general updates to the two buildings. In addition, residents will receive reimbursement assistance for relocation costs during the renovation phase, which is expected to be completed by September 2020.
“Franklin Savings Bank is proud to partner with Lakes Region Community Developers on this project to assist with carrying out renovations and improvements at Harvey Heights,” said John Bortolotto, vice president and commercial loan officer at Franklin Savings Bank. “We were honored to sponsor a $350,000 grant from the Federal Home Loan Bank, which was awarded in January of this year to support the first phase of this project. We would also like to take this opportunity to thank the various partners and agencies who collaborated to make this project possible.”