New Hampshire Housing Commits Over $1 Million Under New Housing Initiative
Bedford, NH – December 14, 2007 – New Hampshire Housing Finance Authority recently awarded $1,040,000 in down payment and closing cost assistance to over fifty units of new workforce housing within six developments around the state. The funding awards were made under the Authority’s New Production Initiative. The New Production Initiative was created to enable developers to construct new affordable single family home ownership units that increase the state’s affordable housing supply.
Under this new program, qualified home buyers may receive up to $20,000 for down payment and closing cost assistance when they use one of the Authority’s mortgage products to purchase a unit within any of the six new developments that were chosen through a competitive review process and received program awards.
Prescott Square/Dalton Village in Nashua is sponsored by the City of Nashua, United Way of Nashua, Bennett-Prescott, LLC., and Southern New Hampshire Services. The project consists of 41 condominium/town house units and 7 single family homes in an area where affordable home ownership units are scarce.
Demetria’s Crossing in Manchester is a partnership between Demetria’s Crossing, LLC, NeighborWorks Greater Manchester, Anagnost Investments Inc., and the City of Manchester. The completed project will consist of 26 two bedroom and 40 three bedroom condominium units.
Gile Hill in Hanover will be built on land donated by the town of Hanover and is being developed by Gile Community Housing LLC. The completed development will consist of 59 two and three bedroom home ownership condominium units and 61 rental apartments in a total of 12 buildings.
Kinkade Haven in Loudon consists of 15 two to four bedroom single family detached Energy Star homes. The developer is Green Energy Construction, LLC. The Town of Loudon provided a density bonus to the developer in exchange for preservation of 135 acres of perpetual green space.
Moulton Cove in Laconia, sponsored by Brady-Sullivan Properties and Anagnost Investments, Inc., is currently under construction and when complete will consist of 42 condominium units.
Cobb Hill Construction is the developer for Bow Highlands in Bow. The project consists of 42 Energy Star condominium units with spectacular views.
To qualify for the down payment/closing cost assistance under this program, borrowers must meet the requirements of New Hampshire Housing’s Single Family Mortgage Program. The assistance is in the form of a deferred payment second mortgage at 0% interest due on sale, refinance, or if the home is no longer owner occupied. More information on the New Production Initiative may be found on the Authority’s website at www.nhhfa.org or by calling New Hampshire Housing’s Home Ownership Division at 1-800-649-0470.
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 36,000 families purchase their own homes and has been instrumental in financing the creation of more than 12,000 multi-family housing units.
