Six developers in New Hampshire have been reserved low-income housing tax credits (LIHTCs) that will help finance the construction of 170 affordable apartments and preservation of 100 more.
The housing credits will provide almost $31 million in up-front cash equity, according to the New Hampshire Housing Finance Authority, which awarded the LIHTCs. The developments receiving reservations are:
- Chandler Place in Plaistow will create 25 units of senior housing within walking distance of local grocery stores, banks, and other stores and amenities. It is the first part of a proposed two-phase project by Atkinson-based Steven Lewis, Inc.;
- The Meadows at Grapevine Run will be built in Hampton Falls. Sponsored by Portland-based Avesta Housing Development Corp, the property will offer 24 one-bedroom apartments for seniors;
- Franklin Mill, which is currently unused, will be rehabilitated by CATCH, which is based in Concord. The mill was built at the turn of the 20th century. When the project is complete, it will host 45 family apartments;
- Renaissance RENEW will rehabilitate nearly 100 rental units owned by Manchester-based NeighborWorks Southern New Hampshire. The properties will undergo capital improvements to improve energy efficiency and extend the useful life of the housing units. All of the properties are in the same neighborhood and play an important role in stabilizing and revitalizing the downtown while providing affordable housing opportunities in Manchester;
- Kensington Lane, a 41-unit family project in Bedford, will be developed by Dakota Partners, Inc., from Waltham, Mass. The development will be a single garden-style building and will include a play area for children; and
- Bradley Commons in Dover, sponsored by The Housing Partnership from Portsmouth, will demolish a former church and replace it with a four-story mixed-use building. The ground floor will have commercial space and the upper floors will be family housing. A second phase on the same site is planned for the future.
“Housing tax credits are one of the few remaining federal programs that make it possible for developers to create new rental housing at affordable rates for consumers,” said Dean Christon, executive director of New Hampshire Housing. “It’s also becoming an increasingly important way for us to preserve existing affordable housing that may be in need of improvements. These credits are not only a vital resource that allows us to provide housing, but they also generate investment in our state and spur job growth. The effects of these projects aren’t just immediate—they last for years to come.”