New Hampshire Housing Programs Boosted State’s Economy by $351 Million in Prior 12 Months

Home sales, multi-family construction created jobs and private investment

Home sales and multi-family construction helped drive economic growth and job creation, the latest numbers show. New Hampshire Housing, which administers a variety of homeownership, rental assistance, and multi-family development programs, contributed more than $351 million to New Hampshire’s economy over the course of their recently completed fiscal year.

Over the last 12 months, New Hampshire Housing provided mortgage loans to over 700 families across the state, with more than 85% of those families being first-time homebuyers. These loans resulted in an economic investment in the state of more than $226 million. When a family purchases a home, their real estate transaction, moving expenses and home improvement purchases contribute to local and state revenues and support jobs.

More than $48 million was invested into the economy and over 520 jobs were created due to the projects that underwent construction or rehabilitation through New Hampshire Housing multi-family financing programs. Projects such as Woodbury Mills in Dover and Brookbend East in Keene contribute to the local and state economy. This number includes not just jobs that were created during the initial building or rehabilitation of the properties, but also jobs that were supported due to what is called the “ripple effect.” The ripple effect refers to jobs that are supported when construction workers spend their wages on local goods and services; jobs that are created to manage and maintain new multi-family properties; and jobs supported when residents of these multi-family projects spend their wages on rent, groceries, and services. The overall effect is that creating and maintaining affordable multi-family housing generates multiple cycles of investment in the state’s local economies.

For New Hampshire residents who struggle to afford market-rate rents, New Hampshire Housing provided more than 3,000 Housing Choice Vouchers, valued at almost $28 million in rental assistance in privately owned properties. New Hampshire Housing programs also provided an additional $49.1 million to rent-assisted properties across the state, serving an additional 6,730 households. Both of these types of assistance ensure that low- and very-low income individuals and families can find a safe place to live and access the rental help they need. To help those receiving Housing Choice Vouchers achieve self-sufficiency, New Hampshire Housing also administers GOAL, a Family Self-Sufficiency program that offers training and one-on-one support for families that want to improve their employment and financial situations. Some of this year’s program graduates went on to become financially stable enough to transition off of the Housing Choice Voucher program and purchase their own homes.

For more information about New Hampshire Housing’s programs and their impact, click the infographic below and visit www.nhhfa.org.

Print

Leave a comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: