Mast Landing Senior Housing Receives Funding Green Light

New development to offer seniors affordable rental housing with optional home-based care

A new affordable housing development for seniors is moving forward in Dover due to New Hampshire Housing funding. Housing Initiatives of New England Corporation (HINEC), the project developer, obtained the financing it needs to start construction late this fall.

When complete, the two buildings will bring nearly 60 units of senior rental housing to Dover. The development will also offer optional home-based care and assisted living services through Abundant Blessings Homecare, and residents will also have access to meal services if they request it. Housing Initiatives of New England Corporation, a nonprofit that has been building affordable housing for seniors since 1990, is developing the project.

Cynthia Taylor, President of Housing Initiatives of New England Corporation, said the project’s proximity to shopping, two independent retirement communities, and medical facilities (including a hospital) would make it a great option for aging seniors who are looking for services. It would allow people who need services to stay within their neighborhood or it could attract seniors from other parts of Dover and Durham.

“People need additional services and need a lifestyle change if they no longer want to maintain a single family home,” she said.

Mast Landing received a combination of tax-exempt bonds and Low Income Housing Tax Credits, which are both federal funding sources, from New Hampshire Housing. Tax credits have a track record of providing developers with the public-private partnerships and investments they need to build new rental housing, which is in high demand and short supply.

Taylor noted that these types of affordable housing deals can be difficult to put together.

“We’re fortunate to have the low income housing tax credit funding to provide this type of housing,” she said.

“Low Income Housing Tax Credits provide a way for developers to create public-private partnerships that enhance the amount of funding they are able to access for their projects,” said Dean Christon, Executive Director of New Hampshire Housing. “It’s a key program that makes housing like Mast Landing possible, and we’re pleased to be able to provide it so more seniors can afford to call Dover home.”

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