Bedford, NH, Sept. 12, 2007 – At its recent meeting, the Board of Directors of New Hampshire Housing Finance Authority approved the reservation of federal Housing Tax Credits for three development projects that will add 111 new affordable rental units to the state’s housing supply.
The Meredith Affordable Housing Development is sponsored by the Laconia Area Community Land Trust. The project consists of the new construction of 32 units of much needed affordable rental housing for the Lakes Region. As part of the plan, the 13-acre site will be subdivided to accommodate the new construction as well as preserve and improve some existing manufactured homes and a single family dwelling. When completed, the new affordable housing development will provide 17 two-bedroom, and 12 three-bedroom apartments for family housing.
Southwestern Community Services in Keene was awarded tax credits for their Railroad Square Senior development, which is a project involving the new construction of 24 units of housing with many assisted living type services for low income seniors. This project brings additional affordable apartments for the elderly to the downtown area and is part of a broader city sponsored downtown development program.
The third project to receive a tax credit reservation was the Linscott Court/Encore Mill project in Rochester. The tax credit reservation supplements a 2006 allocation made for this adaptive reuse of an old mill building. When complete, Linscott Court/Encore Mill will bring 55 new units of affordable family housing to the area.
New Hampshire Housing administers the federal Housing Tax Credit Program for the State of New Hampshire. The tax credit program provides incentives for private investment in affordable rental housing. Each year the program supports the creation of approximately 200 units and leads to over $17 million in equity investment in such housing throughout the state.
New Hampshire Housing is a non-profit, public benefit corporation established by the State Legislature. New Hampshire Housing operates a number of programs designed to assist low and moderate income persons to obtain housing. Since its inception, New Hampshire Housing has assisted more than 31,000 families purchase their own homes and has been instrumental in financing the creation of more than 12,000 multi-family housing units. More information about single family and multi-family housing programs offered by New Hampshire Housing can be found on the agency’s web site at www.nhhfa.org.
