New Hampshire Housing approves funding to build development near downtown Laconia
New Hampshire Housing’s Board of Directors recently approved over $1.3 million in federal HOME funding for Laconia Area Community Land Trust (LACLT) to construct a new workforce housing development near downtown Laconia.
The new development, called River’s Edge, will provide a mix of one and two-bedroom apartments. The apartments will be offered at rates that are affordable to the local workforce, and residents will have access to a Resident Services Coordinator who will offer advice and service referrals. The development, which will be located directly across the Winnipesaukee River from city hall, will also include a river walk. The river walk is just one component of a larger city effort to connect the downtown with residential neighborhoods.
In addition to this latest round of funding, River’s Edge will leverage significant private investment for affordable housing construction through the sale of federal Housing Tax Credits previously awarded by New Hampshire Housing. The Housing Tax Credit program has a proven track record of creating effective public-private partnerships, boosting economic activity by creating jobs, and reducing the need for direct public subsidies.
“We were happy to respond to the City’s request to develop this property,” said Linda Harvey, Executive Director of LACLT. “It’s a very challenging site but will yield a great resource. River’s Edge will provide 32 smaller-sized units that are all handicap-accessible, and the convenient downtown location provides shopping and services. We are grateful for this financing that will move the project forward.”
“For many working individuals and families, making rent can pose a challenge if rates are high,” said Dean Christon, Executive Director of New Hampshire Housing. “Workforce housing developments like River’s Edge provide people with safe, quality housing at rates that are affordable. We’re pleased to be able to support this project, and we’re looking forward to seeing the impacts it has on the Laconia community.”