BEDFORD, N.H. – April 29, 2010 – (RealEstateRama) — At its recent meeting, New Hampshire Housing Finance Authority’s Board of Directors approved the conditional commitment of $2.7 million in federal Low Income Housing Tax Credits for five development projects that will add 140 new affordable rental units to the state’s housing supply. The total development cost of these projects will exceed $28 million and this activity is expected to support an estimated 300 construction-related jobs.
“Housing construction remains an important contributor to our state’s economy, especially in these difficult times,” said New Hampshire Housing’s Executive Director Dean Christon. “Not only will these projects provide hardworking New Hampshire families with the opportunity to obtain safe, decent, and affordable housing, but the construction of these new units will retain and create hundreds of construction jobs and help stimulate the state’s real estate market.”
• South Porter Street, phase II, Manchester, will add 30-units of affordable rental housing for seniors. The project sponsor is Manchester Housing & Redevelopment Authority.
• Harriman Hills, Wolfeboro, phase I, sponsored by the Laconia Area Community Land Trust, will provide 24 family rental units.
• Theatre Street, Concord, will provide 45 units of affordable rental housing. CATCH is the project sponsor.
• Town and Country, phase II, Littleton, sponsored by AHEAD Inc., will create 25 units of family housing.
• Whitehall Road, Hooksett, will add 16 units of family housing to the community. The project is sponsored by NeighborWorks Greater Manchester.
Low Income Housing Tax Credits support private investment in new rental housing. Since its inception, the Low Income Housing Tax Credit Program has enabled for- and nonprofit developers to raise approximately $285 million in capital and has helped create more than 4,600 units of high-quality affordable rental housing in the state.
New Hampshire Housing Finance Authority is a tax exempt, public benefit corporation established by the state legislature. The Authority operates a number of programs designed to assist low- and moderate-income persons to obtain housing. Since its inception, New Hampshire Housing has helped more than 37,000 families purchase their own homes and has been instrumental in financing the creation of more than 14,000 multi-family housing units. More information about its programs can be found on the agency’s Web site at www.nhhfa.org.
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