People and Property: Real Estate and Construction News From Around NH
Manchester rents continue to rise, Pinkerton plans new building … and more
Manchester rents continue to rise faster than U.S.
While nationwide rents increased 0.5 percent in in April, rents in Manchester rose at a much faster pace, going up 1 percent for the month, according to statistics compiled by Apartment List.
According the website, year-over-year rent growth in Manchester now stands at 5.7 percent – down from 16.8 percent a year ago. All told, since the start of the pandemic in March 2020, citywide rents have risen a total of 41 percent, Apartment List reported.
In April, the average rent for a one-bedroom apartment in Manchester was $1,348 and $1,799 for a two-bedroom apartment.
Hepler, Dano earn CCIM designations
Jesse Hepler and Brian Dano of SVN|The Masiello Group have each earned their CCIM (Certified Commercial Investment Member) designations.
To earn the designation, commercial real estate professionals must complete more than 160 hours of case-study-driven education covering topics such as interest-based negotiation, financial analysis, market analysis, user decision analysis, investment analysis, and ethics in commercial investment real estate. Candidates must also compile a portfolio demonstrating the depth of their commercial real estate experience and pass a comprehensive examination.
Real estate trade groups join in support of fair housing rule
A coalition of housing groups have united in support of the Department of Housing and Urban Development’s proposed Affirmatively Furthering Fair Housing rule that provides guidance and tools for cities and states that receive HUD funding to find local solutions to reverse segregated housing patterns.
The regulation is designed to implement the Fair Housing Act’s directive that HUD and its funding recipients take action to overcome patterns of segregation and foster inclusive communities free from discrimination.
The agency sees the rule as improving on its 2015 AFFH rule, providing for more robust community engagement, streamlining processes for funding recipients, and providing greater transparency. The proposed rule also places a new emphasis on expanding homeownership opportunities.
A joint statement supporting the proposal was issued by the National Association of Realtors, the National Association of Real Estate Brokers, the National Association of Hispanic Real Estate Professionals, the Asian Real Estate Association of America and the LGBTQ+ Real Estate Alliance.
Shaheen bill seeks to aid forestry industry
U.S. Sen. Jeanne Shaheen, D-NH, and her Senate colleague, West Virginia Republican Shelley Moore Capito, have reintroduced the Forest Incentives Program Act, which is aimed at helping landowners make forest management more affordable and provide them with sustainable options to preserve their land and incentivize the use of wood products as building materials.
The bill directs the USDA to establish an incentive program that allows eligible forest landowners to enter into a long-term contract to adopt conservation practices that have been proven to deliver emissions reductions. The bill also creates financial incentives for commercial building owners to use biological products, such as wood, as structural building materials instead of more energy-intensive materials.
Pinkerton Academy plans new building
An aging building at Pinkerton Academy is set to be replaced by a new, three-story structure that will add classrooms and offer additional spaces to support other Pinkerton programs.
The new building will replace the high school’s aging social studies wing, which was built back in the 1970s and is showing its age, the Lawrence Eagle-Tribune reported.
Built in the early 1970s as a temporary building to meet the classroom needs of a growing student population, the structure has been used well beyond its projected lifespan, according to school officials.
The project is expected to cost approximately $20.7 million.
Powers said the new building will have half the footprint of the old one, and will include updated parking areas, as well as better interior design to help students, staff and those visiting better navigate the building. and more green space surrounding the building is an added feature.
Bridgewater manufactured-home park purchased by residents
Homeowners in Newfound Acres Mobile Home Park recently purchased their 21-unit park, making it New Hampshire’s 146th resident-owned manufactured-home community, or ROC. With training and technical assistance from the New Hampshire Community Loan Fund’s ROC-NH program, residents organized and formed Newfound Acres Cooperative last November after being notified that park owners Gary Watts and Glenn Raiche had received an offer to sell. The cooperative bought matched the offer and bought the community for $945,000 with financing from the Community Loan Fund.
Shown celebrating the deal are, from left, Newfound Acres Cooperative President Will Truitt, ROC-NH Housing Cooperative Specialist Michelle Supry and Newfound Acres Cooperative Treasurer Tara Butruccio.