Sign up for email updates for when the new magazine comes out.
|Five NH Affordable Housing Projects Receive Millions|
|Published Thursday, December 29, 2016|
The Federal Home Loan Bank of Boston (FHLB Boston) is investing $56.4 million in grants, loans and interest-rate subsidies to 45 affordable housing initiatives throughout New England through its 2016 Affordable Housing Program (AHP) allocation, including five projects in NH.
These funds will finance 1,100 units of affordable rental and ownership housing for households earning at or below 80 percent of area median income in seven states. Projects in NH include Exeter, Hampton Falls, Londonderry, Nashua and West Lebanon. All include additional health and economic empowerment services for residents.
AHP funds were awarded through member financial institutions to projects that will create or preserve affordable rental and ownership housing. In total, $29.5 million dollars were awarded as grants and subsidies, with the balance coming as subsidized advances or loans. AHP funds are used to create or preserve affordable housing and help pay construction, acquisition, or rehabilitation costs.
New Hampshire Projects:
• Three Meeting Place in Exeter
Construction of 43 energy-efficient affordable apartments, the fourth of five anticipated phases of development of the Meeting Place at Exeter apartment community. The building will include a mix of apartments affordable to 38 very low- and low-income households, some for those with disabilities and others at market rate. Residents will receive credit counseling, financial planning budgeting, and primary health care services, and can access a nutrition counseling and healthy cooking program. Bangor Savings Bank will provide the construction loan and permanent financing through the AHP Subsidized Advance. Other funding will be provided by Low Income Housing Tax Credit equity.
Subsidy: $1,217,342 grant and subsidy, $1,775,000 advance.
• The Meadows at Grapevine Run, Phase II in Hampton Falls
Construction of 24 one-bedroom rental units for seniors, the second phase of a three phase, 72-unit development that will enable the Town of Hampton Falls to provide more affordable housing options for its fast-growing senior population. Income targeting is at or below 50 and 60 percent of area median income and the residents will benefit from empowerment services that include self-sufficiency and health care services. Meredith Village Savings Bank will provide permanent funding through the AHP Subsidized Advance and other loans. Other sources include New Hampshire Housing Finance Agency capital subsidy and Low Income Housing Tax Credits.
Subsidy: $935,000 grant and subsidy, $935,000 advance.
• Townhomes at Whittemore Place, Phase II in Londonderry
Acquisition and construction of 33 apartments serving very low- and low-income households with three units priced at market rate. This is the second phase of development at this previously foreclosed site. Site amenities include green space, dedicated gardening spaces, and an on-site community room. NeighborWorks Southern New Hampshire will connect residents with effective homeownership readiness, financial planning, and credit counseling services. Notable sustainable development and operation features include 100 percent recycling of construction waste, storm water management, and energy-efficient features. Eastern Bank will provide construction and permanent financing. Other funding includes Low Income Housing Tax Credit equity and energy rebates.
Subsidy: $600,000 grant.
• Northeastern Boulevard Recovery Housing in Nashua
Acquisition and construction of 55 units of special needs recovery housing for individuals with substance abuse disorders. Harbor Homes will purchase a large commercial facility and retrofit 20 percent of the space to create recovery housing. Designed to best respond to the opioid crisis and the lack of treatment facilities, with a portion reserved as treatment beds/units for very low-income and homeless individuals, this integrated health care/residential facility will provide residents with primary health care, substance abuse, and mental health counseling in addition to transportation, activities of daily living, and financial planning services. State Medicaid funding will fund all housing and program expenses. Enterprise Bank and Trust Company will provide permanent financing for both the AHP-eligible and commercial spaces with a combination of the AHP Subsidized Advance and other conventional debt.
Subsidy: $1,050,152 grant and subsidy, $1,140,000 advance.
• 60 Main in West Lebanon
Construction of a mixed-use, mixed-income development with 28 affordable rental apartments, three market-rate apartments, and ground floor commercial space. The building will be constructed to National Green Building Standard Silver status and will include many sustainable development and efficient operations features. Residents will benefit from fraud avoidance and financial planning economic empowerment services. Mascoma Bank will provide construction financing and a permanent loan funded with the AHP Subsidized Advance as well as investing in the Low Income Housing Tax Credits. Other funding includes CDBG funding and the deferred developer fee.
Subsidy: $1,003,500 grant and subsidy, $974,204 advance.
For detailed project information on the awards, click here.
Send this page to a friend
Show Other Stories