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New Hampshire Housing tallies year-end impact
Agency provided funding for 16 projects with nearly 1,000 affordable units
It was a busy year for the New Hampshire Housing Finance Authority, which closed out its fiscal year by awarding funding for 16 multifamily projects with a total of nearly 1,000 units.
The funding was provided through the allocation of Low-Income Housing Tax Credits and other federal and state funding during the fiscal year, which ended June 30.
According to New Hampshire Housing, LIHTC-funded housing accounts for about 95% of publicly funded workforce housing produced in New Hampshire.
This federal program is an important public/private financing tool that encourages developers and investors to create affordable multi-family housing for low- and moderate-income families by using tax credits to leverage private equity investment in these properties. Over 25 years, LIHTC financing has added nearly $1 billion of investment in New Hampshire. The housing credit program leverages ten times the amount awarded: in this recent round, $5 million in LIHTC awards will yield nearly $50 million in private capital to develop affordable housing in the state.
Other funding sources for the construction and preservation of affordable multi-family housing include the federal HOME program and Housing Trust Fund, the state Affordable Housing Fund, and tax-exempt bond financing. In FY21, more than $21 million in tax-exempt bond funding was allocated.
The projects awarded funding were:
- Sullivan House, Claremont, 28 units in a renovated former newspaper building
Rosemary’s Way, CATCH Neighborhood Housing, Concord, 42 units in six townhouse-style buildings
- Court Street Workforce Housing, Portsmouth Housing Authority, 64 units in downtown Portsmouth
- Bagdad Woods, Housing Initiatives of NE Corp., addition of 26 new units, preservation of 40 units
- Woodland Village I & II, Goffstown, Dakota Partners, four units total
- Heater Landing, Lebanon Housing Authority, 44 units
- 12 Green Street, Visions for Creative Housing Solutions, five units serving 11 adults with developmental disabilities
- Nashua Soup Kitchen & Shelter, historic preservation of a former school into 11 units of permanent supportive housing
- Apple Ridge Apartments II, McIntosh Development, Rochester, 34 units
- Parkhurst Place, Souhegan Valley Interfaith Housing, Amherst, 42 units
- Wingate Village, Winn Development Co., Laconia, 100 units
- 434 Union Street (formerly Angie’s Place), Families in Transition, Manchester, 11 units
- Harvey Heights II, Lakes Region Community Developers, Meredith,
25 units
- Bronstein Redevelopment, Nashua Housing & Boston Capital Development, phased replacement of existing public housing & addition of new units (216 units total)
- The Housing Partnership, Portsmouth, 40 units in 10 buildings on various sites on the Seacoast
• Fillion, Nadeau & Charpentier Apartments, Somersworth Housing Authority, 169 units in three public housing properties to be renovated over two years.
