New Hampshire Housing’s Board of Directors recently approved the 2014 Low Income Housing Tax Credit (LIHTC) funding for affordable housing developments across the state. In total, five communities will add more than 240 units of affordable rental housing to their existing housing stock.
The five projects that received LIHTC funds were Mast Landing in Dover, Quail Hollow in Lebanon, the Townhomes at Whittemore Place in Londonderry, River’s Edge in Laconia, and One Meeting Place in Exeter.
- Mast Landing in Dover will create 32 units of affordable congregate care housing for seniors. The project will be developed by the Housing Initiatives of New England Corporation.
- The Quail Hollow Senior Living Community in Lebanon, which currently has a combination of 170 rental and “for sale” units, will add an additional 62 units of one- and two-bedroom housing. This new phase will also offer supportive services for residents, and it will be developed by Quail Hollow Townhomes, LLC.
- Townhomes at Whittemore Place in Londonderry will be a two phase development, with the first phase creating 38 townhouse style units for individuals and families. The site will offer green space, a community room, and a common area for gardening. NeighborWorks Southern New Hampshire will develop the project.
- River’s Edge in downtown Laconia will demolish an unused warehouse and replace it with 32 units of one and two-bedroom apartments. The project will be developed by Laconia Area Community Land Trust.
- One Meeting Place in Exeter will add 39 units of non-age restricted housing to the existing Meeting Place development, which offers housing for both families and seniors. Berry Park Housing Corporation/AVESTA will develop and manage the project.
The LIHTC program grants federal income tax credits over a 10 year period to eligible projects. The credits are then purchased by private investors, who become limited partners in the projects and reduce the need for public subsidies. While the credits amount to approximately $2.8 million each year, they are leveraged to generate $25 million in cash equity for project funding. LIHTC projects also have a track record of boosting local economies as they generate construction-related jobs and help create housing that is affordable for local workforces.
“LIHTC funding keeps investment dollars in our local communities while strengthening area housing markets,” said Dean Christon, Executive Director of New Hampshire Housing Finance Authority. “The projects supported by this funding will create jobs, boost public-private partnerships, and ensure that working families and seniors have an affordable place to call home.”