Funding will be used to make renovations, energy-efficiency improvements to subsidized housing
BEDFORD, N.H. – May 16, 2013 – (RealEstateRama) — New Hampshire Housing’s Board of Directors recently approved a $500,000 loan to support the renovation of Newport Village Apartments, a housing complex that offers affordable apartments for low-income families in Newport. The funding will mean the nine-building complex, which was originally built in 1982, can undergo significant renovations. The project is sponsored by the Caleb Group. The loan will be provided from federal HOME funds.
Planned renovations include replacing windows, adding insulation, and installing new roofs and boilers. The renovations will help cut energy costs, and as a result, make the apartments more affordable to maintain. As part of the loan agreement, Newport Village will pass on these cost savings in the form of guaranteeing the continuation of affordable rents for its residents for a minimum of 20 years. The project is an example of how federal HOME funding is being targeted for local energy retrofits so the state’s older buildings can operate more efficiently and, as a result, stay affordable for both owners and residents.
“We are grateful for the funding from New Hampshire Housing Finance Authority,” said Debbie Nutter, President and CEO of The Caleb Group. “This funding will allow us to make energy improvements that will result in greener, more efficient homes and a cost savings to the residents. Additionally, the support of NHHFA allows The Caleb Group to build a community room at the property which will provide space to bring supportive services to the residents. The partnership of NHHFA is invaluable to the success of this affordable housing.”
“These HOME dollars provide a way for us to support and preserve existing rental housing,” said Dean Christon, Executive Director of New Hampshire Housing. “While new construction is important to the state, it is also important to make upgrades and perform needed maintenance on current affordable multi-family housing units as well. This will help keep costs manageable so affordability can be preserved for the long term.”
About New Hampshire Housing Finance Authority: New Hampshire Housing Finance Authority is a self-supporting public benefit corporation. The Authority operates a number of rental and homeownership programs designed to assist low- and moderate-income persons with obtaining affordable housing. Since its inception, New Hampshire Housing has helped nearly 40,000 families purchase their own homes and has been instrumental in financing the creation of more than 14,500 multi-family housing units. More information about its programs can be found on the agency’s websites at www.nhhfa.org and www.GoNewHampshireHousing.com.
Phone: (603) 310-9255