Federal Tax Credits Bring Affordable Housing, Jobs to State

More than 150 units of affordable housing, 329 jobs to be added to local communities

Photo credit: Bill Fish

Photo credit: Bill Fish

Six communities across New Hampshire will soon see more affordable housing and jobs due to the investment of almost $20 million. The investment is coming in the form of housing tax credits, a federal program designed to build public-private partnerships in order to meet the growing need for rental housing. The program is administered in New Hampshire by the New Hampshire Housing Finance Authority.

The tax credits are awarded over a ten year period. Private businesses then purchase the credits and become limited partners in the housing developments. This year’s tax credit allocation of $2.2 million is expected to generate just under $20 million in equity investment over their life span. The end result is affordable housing that requires fewer direct subsidies. Tax credit projects are also known for creating jobs, both immediately in the form of construction-related jobs and over the long-term in the form of staff to maintain and manage the new properties. It is estimated that 329 jobs will be created from the six projects that received funding.

The six projects that received tax credits were Salmon Brook Senior in Nashua, Phase Two of Conway Pines in Conway; South Main Supported Apartments in Manchester; Mill at Lamprey Falls in Newmarket; Phase Two of Gile Hill Apartments in Hanover; and Abenaki Springs in Walpole.

  • Salmon Brook Senior, which will be developed by SNHS Management Corp., will create 31 units of congregate care living for seniors.
  • The second phase of Conway Pines will add 30 units of congregate care living for seniors. The new building will be adjacent to the first phase of Conway Pines, which offers affordable apartments for families. Great Bridge Properties of Manchester will develop the new phase.
  • South Main Supported Apartments will create 20 one-bedroom apartments for homeless individuals with disabilities. All residents will receive rental assistance. The project, which is being developed by the Manchester Housing and Redevelopment Authority, will be within walking distance of local retail, service, religious and recreation facilities.
  • Mill at Lamprey Falls will convert a former mill storage building into 15 family apartments targeted to people who make less than 50 or 60 percent of the area’s median income. It will be developed by Lamprey Mills LLC and Newmarket Housing Authority.
  • The second phase of Gile Hill will create 15 affordable apartments for families. The project is a continuation of a development by Twin Pines Housing Trust that offers a mix of rental and for-sale units targeted to a variety of income levels.
  • Abenaki Springs is the first phase of a larger project developed by Avanru Development Group Ltd. This phase will create 42 affordable apartments for families.

“Housing Tax Credits are one of the few ways developers can build new rental housing at affordable rates for consumers,” said Dean Christon, Executive Director of New Hampshire Housing. “These credits are not only a vital resource that allows us to provide housing to seniors and families, but they also generate investment in our state and spur job growth. The effects of these projects aren’t just immediate—they last for years to come.”

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