BEDFORD, N.H. – April 30, 2015 – (RealEstateRama) — 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.
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 more than 41,000 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 atwww.nhhfa.org and www.GoNewHampshireHousing.com.
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