Federal Tax Credits to Create, Preserve Affordable Housing across the State

construction - pixabaySix developers across the state were recently awarded Low Income Housing Tax Credits (LIHTC), a key federal funding source for creating and preserving affordable housing. The tax credits will provide almost $31 million in upfront cash equity to be used for building 170 affordable apartments and preserving 100 more.

The tax credits are awarded over a ten year period. Private businesses then purchase the credits and become limited partners in the housing developments. The end result is high quality affordable housing with significant private investment. 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.

The six projects that received tax credits were Chandler Place in Plaistow, The Meadows at Grapevine Run in Hampton Falls, Franklin Mill in Franklin, Renaissance RENEW in Manchester, Kensington Lane in Bedford, and Bradley Commons in Dover.

  • Chandler Place in Plaistow will create 25 units of senior housing within walking distance of local grocery stores, banks, and other stores and amenities. It is the first part of a proposed two-phase project by Steven Lewis, Inc., which is based in Atkinson.
  • The Meadows at Grapevine Run will be built in Hampton Falls. The development, which is sponsored by Avesta Housing Development Corporation from Portland, Maine, will offer 24 one-bedroom apartments for seniors.
  • Franklin Mill, which is currently unused, will be rehabilitated by CATCH, which is based in Concord. The mill was built at the turn of the 20th When the project is complete, it will host 45 family apartments.
  • Renaissance RENEW will rehabilitate nearly 100 rental units owned by NeighborWorks Southern New Hampshire, which is based in Manchester. The properties will undergo capital improvements to improve energy efficiency and extend the useful life of the housing units. All of the properties are in the same neighborhood and play an important role in stabilizing and revitalizing downtown while providing affordable housing opportunities in Manchester.
  • Kensington Lane, a 41-unit family project in Bedford, will be developed by Dakota Partners, Inc. from Waltham, Massachusetts. The development will be a single garden-style building and will include a play area for children.
  • Bradley Commons in Dover, which is sponsored by The Housing Partnership from Portsmouth, will demolish a former church and replace it with a four-story mixed use building. The ground floor will have commercial space and the upper floors will be family housing. A second phase on the same site is planned for the future.

According to Housing Needs in New Hampshire, a study commissioned by New Hampshire Housing and performed by the Center for Public Policy Studies and Applied Economic Research, the state’s rental market has grown progressively less affordable. With low vacancy rates and a lack of housing construction to meet demand, renters have fewer options and are paying higher rents. Programs like the housing tax credit are one resource that developers can use to build more housing to meet demand and create more affordable locations for the state’s workforce to live.

“Housing tax credits are one of the few remaining federal programs that make it possible for developers to create new rental housing at affordable rates for consumers,” said Dean Christon, Executive Director of New Hampshire Housing. “It’s also becoming an increasingly important way for us to preserve existing affordable housing that may be in need of improvements. These credits are not only a vital resource that allows us to provide housing, 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

New Hampshire Housing is the sole administrator of LIHTC funding in the state and is responsible for evaluating projects and deciding funding amounts. Details about the LIHTC program can be found at http://www.nhhfa.org/rental-housing-lihtc.cfm.

Policy Leaders in Washington, D.C., Meet with New Hampshire Housing’s Homeownership Fellowship Class of 2016

Program offers immersive education in lending, housing

The Fellows in front of the United States Capitol Building in Washington, D.C.

The Fellows in front of the United States Capitol Building in Washington, D.C.

New Hampshire Housing has welcomed its Homeownership Fellowship Class of 2016, and they quickly got to work by traveling to Washington, D.C., to speak with political leaders and key mortgage industry officials including Senator Jeanne Shaheen, Senator Kelly Ayotte, and representatives from the U.S. Department of Housing and Urban Development, Rural Development, the Federal Housing Administration (FHA), and Ginnie Mae.

The Fellows kicked off their ten month program by meeting with key New Hampshire Housing staff and program alumni to share their ideas about housing issues and how to connect with housing leaders. The initial meeting made sure they could dive into their Washington, D.C., experience, where they met with political and industry leaders to discuss housing and mortgage policy. Following their D.C. experience, Fellows will attend sessions that explore state-level government and politics; the connections between demographics, the economy, and housing; and other affordable housing issues.

Fellows were selected through a competitive process that was open to members of the mortgage lending community. This year’s class includes Corey Bowman, Loan Officer, Merrimack Mortgage Co.; Samantha Canton, Homeownership Advisor, AHEAD; Mark Chalifour, VP/Residential Mtg. Sales, Merrimack County/Meredith Village Savings Bank; Christine Keller, Senior Loan Officer, Envoy Mortgage; Justin Macagba, Mortgage Planner, Regency Mortgage; Michael Pillsbury, Loan Officer, RMS Mortgage; Pamela Riesenberg, Branch Manager, Finance of America Mortgage, LLC; Kathy Sanderson, CMP, Loan Originator, Northway Bank; and Jeff Trudel, Loan Originator, St. Mary’s Bank.

“This will be a unique experience for them,” said Ignatius MacLellan, Managing Director of the Homeownership Division at New Hampshire Housing. “Through this program, they will build their commitment to New Hampshire Housing, interact with national housing policy leaders, and learn how New Hampshire Housing mortgages impact affordable housing statewide.”

As part of the ten month Homeownership Fellowship, the nine Fellows will discuss and learn about the mortgage lending system and the creation of affordable housing in New Hampshire. More information about the Homeownership Fellowship Program can be found at http://www.nhhfa.org/home-ownership-fellows.cfm.

New Senior Housing Development Coming to Rochester

Building in honor of local leader will offer service-supported housing close to downtown

A new senior housing development for Rochester will soon be underway. Arthur H. Nickless, Jr. Housing for the Elderly, which is sponsored by 17 Glenwood Ave, LLC and the Rochester Housing Authority, received over $500,000 in federal HOME funding plus Low Income Housing Tax Credits through New Hampshire Housing. Arthur H. Nickless, Jr., who was highly involved in the local community and served on the Rochester Housing Authority Commission for more than 20 years, passed away last December after battling cancer, and the project is named in his honor.

The new housing will be in a residential neighborhood close to downtown. Rochester Housing Authority will offer services and transportation for residents.

“It’s an honor to have worked with such a compassionate man who cared so deeply for his community,” said Stacey Price, Executive Director of the Rochester Housing Authority.

“There was no question after Art’s passing that this project should be named after the man who worked so hard to bring another 24 units of affordable elderly housing to the Rochester area,” said David Lemieux from Glenwood Ave, LLC.

“As New Hampshire’s population continues to age, it is important that there are affordable, service-supported options available to seniors,” said Dean Christon, Executive Director of New Hampshire Housing. “Arthur H. Nickless, Jr. Housing for the Elderly will help fill that housing need, and we’re pleased to provide funding for it.”

HOME funds and Low Income Housing Tax Credits are both federal funding sources that are administered by New Hampshire Housing. Housing tax credits encourage private investment in the development of much needed affordable rental housing. HOME funds are often used to supplement tax credit funding, further assisting in making rental housing financially feasible to build. Together, these two funding sources account for 88% of the project’s total development costs.

Conway Pines Development Expands with Funding from New Hampshire Housing

Second phase to add affordable housing, services for seniors

Seniors in the Mount Washington Valley will have more access to affordable housing and services with a planned expansion of Conway Pines underway. Great Bridge Properties recently secured the funding needed to add a second building to the energy-efficient development , which opened in 2012 and offers affordable housing for individuals and families. This recent, seniors-only phase of the development is made possible by a combination of federal HOME funding and Low Income Housing Tax Credits from New Hampshire Housing.

The expansion would add a second building of 30 apartments for seniors next to the current building. Services such as case management, meals, and transportation will be available through The Gibson Center for Senior Services, and there will also be the option of housekeeping and personal care through Visiting Nurse Homecare of Carroll County.

“We were so pleased to receive the funding for Conway Pines Senior Living,” said Chris Davies, Principal at Manchester based Great Bridge Properties. “The combination of Low Income Housing Tax credits and HOME funding will allow us to build high quality apartment homes for the senior citizens of Conway and Mount Washington Valley.  Demographically, Mount Washington Valley has a high proportion of seniors with very few housing options available. This funding will also allow us to build a ‘green,’ highly efficient building.”

“We provided funding for the first phase of this development, and we are happy to be able to fund its expansion,” said Dean Christon, Executive Director of New Hampshire Housing. “Affordable housing is a key issue for the Mount Washington Valley, and Great Bridge Properties is helping ensure that seniors can find an affordable place to call home.”

HOME funds and Low Income Housing Tax Credits are both federal funding sources that are administered by New Hampshire Housing. Housing tax credits encourage private investment in the development of much needed affordable rental housing. HOME funds are often used to supplement tax credit funding, further assisting in making rental housing financially feasible to build.

Salmon Brook Senior Housing Receives Federal Funding

New Nashua development to offer seniors rent-assisted housing and services

A new housing development for seniors is moving forward in Nashua due to a combination of federal funding sources from New Hampshire Housing. Salmon Brook Senior Housing, which is sponsored by Southern New Hampshire Services (SNHS) Management Corporation, will bring just over 30 age-restricted apartments to the greater Nashua community.

All apartments will be supported with rental assistance provided through the Nashua Housing Authority. SNHS has also committed to offer case management, service coordination, meals assistance, recreation opportunities, housekeeping and personal care services to residents. The development will be within a mile of downtown and Southern New Hampshire Medical Center.

Salmon Brook received a combination of HOME funds and Low Income Housing Tax Credits, which are both federal funding sources, from New Hampshire Housing. Housing tax credits encourage private investment in the development of much needed affordable rental housing. HOME funds are often used to supplement tax credit funding, further assisting in making rental housing financially feasible to build.

“SNHS is very excited to collaborate with the New Hampshire Housing Finance Authority, the City of Nashua, and the Nashua Housing Authority to sponsor the development of this pioneering, service-enriched elder housing community,“ said Gale Hennessy, Executive Director of SNHS. “The development will offer affordable rents and resident services for very low-income residents of Nashua, enabling them to maintain their independence despite the challenges associated with increasing frailty. We are very grateful for the support we have enjoyed from New Hampshire Housing and the City of Nashua and hope to begin construction within the next several months.”

“We’re proud to support this project by providing this critical funding,” said Dean Christon, Executive Director of New Hampshire Housing. “The additional features of services and rental assistance for all residents is especially important given how many of our state’s seniors live on fixed incomes.”