The New Hampshire Housing board of directors approved funding for 16 affordable multifamily developments during the fiscal year ending June 30.
The allocation of low-income housing tax credits (LIHTCs) and other federal and state funding to the projects will produce or preserve almost 1,000 units of affordable rental housing in the state.
LIHTC-funded housing accounts for about 95% of publicly funded workforce housing produced in the state, and, over 25 years, LIHTC financing has added nearly $1 billion of investment in New Hampshire, according to agency leaders.
Other funding sources that New Hampshire Housing administers for the construction and preservation of affordable multifamily housing include the federal HOME program and Housing Trust Fund, the state Affordable Housing Fund, and tax-exempt bond financing. In fiscal 2021, more than $21 million in tax-exempt bond funding was allocated.
The developments receiving funding include Apple Ridge Apartments II, a 34-unit community in Rochester. The project, which will have 102 total apartments when completed, is being constructed in three phases using LIHTCs.
“In 2019, we developed and built much-needed affordable units in phase one,” said David Lemieux, principal at McIntosh Development, in a statement. “New Hampshire Housing provided low-rate construction financing for the project, as well as permanent loan financing. Now, we are heading into phase two, and the LIHTC program is again making this possible.”
Another new project is Woodland Village I and II by Dakota Partners, which will bring 74 apartments to Goffstown. The Nashua Soup Kitchen & Shelter also is adapting a former school into 11 units of permanent supportive housing with facilities for temporary shelter and service delivery.
See a list of the other developments that have received funding.