Funding will bolster multi-family, workforce housing in Plymouth, Keene and Exeter communities.
BEDFORD, N.H. – November 14, 2011 – (RealEstateRama) — New Hampshire Housing Finance Authority’s Board of Directors committed to financingthree major projects in three New Hampshire communities at their recent board meetings; the projects are:
•Plymouth Woods Family Housing, located approximately two miles from downtown Plymouth, involves new construction of four townhouse-style buildings comprising 24 rental housing units, including six one-bedroom, 15 two-bedroom and three, three-bedroom units. All units will serve families and individuals at 50% to 60% or less of area median income.
New Hampshire Housing approved financing for the Plymouth Woods Family Housing project through the federal HOME Rental Housing Production Program (30-year deferred loan). In April 2011, the board also awarded the project Low Income Housing Tax Credits.
In addition to the Authority’s financing, the United States Department of Agriculture (USDA)-Rural Development will provide a first mortgage loan for the project and rental assistance for all units.
This project is expected to generate approximately 55 construction and associated jobs and the project sponsor is First Plymouth Investment Corp.
•Brookbend West in Keene will involve the demolition of 35 units of an existing, but functionally obsolete, family housing development and the new construction of 35 energy efficient townhouse units in six buildings – all within walking distance of employment and shopping opportunities; present tenants will be relocated to other units on the site during demolition and construction.
New Hampshire Housing approved a construction loan for the project as well as permanent financing through the federal HOME Rental Housing Production Program along with other sources. The board previously awarded Low Income Housing Tax Credits to the project as well. All units will receive rental assistance through a combination of a Department of Housing and Urban Development (HUD) Section 8 contract and Keene Housing Authority project-based vouchers.
The project owner, Keene Housing Authority, has partnered with Southwestern Community Services, a non-profit community action agency in Keene, for this major undertaking. The project is expected to generate more than 75 jobs during demolition and construction of this phase of the overall project. Phase 2 comprises an additional 40 units, but has not yet been financed.
•Meeting Place Phase II will create 26 units of affordable rental housing approximately one mile from downtown Exeter for low-income seniors. The Authority’s Board of Directors approved permanent financing through the federal HOME Program for Phase II of this multi-phase development. The board previously awarded the project Low Income Housing Tax Credits as well.
When complete, the full development will include four separate residential buildings and one commercial building. Phase I, also financed in part through programs offered by New Hampshire Housing, was completed in April of this year and involved the new construction of affordable family rental units that were fully leased within four months of completion.
The project is sponsored by Robert and Marsha Felder, and Phase II is expected to generate approximately 60 jobs over the course of construction.
New Hampshire Housing is a self-supporting public benefit corporation established by the state legislature. The Authority operates a number of programs designed to assist low- and moderate-income persons with obtaining housing. Since its inception, New Hampshire Housing has helped more than 38,500 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 single family and multi-family housing programs offered by New Hampshire Housing may be found on the Authority’s website.
Contact:
Jane Law
Phone: (603) 310-9255
