Third part of development to add affordable housing, services for seniors
BEDFORD, N.H. – July 31, 2015 – (RealEstateRama) — The Railroad Street area of Keene, known for its mix of housing and commercial space, is adding more housing to the mix. Westmill Senior Housing, which is sponsored by Southwestern Community Services (SCS), received a commitment of federal HOME funds and Low Income Housing Tax Credits through New Hampshire Housing Finance Authority. The funds provide needed resources in order to begin construction.
Westmill Senior will be the third component of a larger development, which already has senior housing and commercial space. The City of Keene plans to discontinue the use of Railroad Street, eliminating traffic through the area and creating green space. The neighborhood is walking distance from downtown Keene and Central Square, giving seniors access to retail shops, pharmacies, and public transportation. Home Healthcare Hospice and Community Services (HCS) will be offering resident services.
“Southwestern Community Services sees the Westmill Senior development as a great example of smart growth, as well as an outstanding collaborative effort with the City of Keene,” said Keith F. Thibault, Chief Development Officer at SCS. “It will ultimately provide additional affordable housing opportunities for our local senior population, which is growing dramatically. We appreciate the resources made available to us through New Hampshire Housing and are looking forward to breaking ground later on this year.”
“New Hampshire Housing has funded other housing developments in the Railroad Square neighborhood, and we’re pleased to offer this financing for Westmill Senior Housing,” said Dean Christon, Executive Director of New Hampshire Housing. “Service-supported, affordable housing in a walkable downtown area will give seniors the opportunity to stay close to and involved in their community as they age.”
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. Together, these two funding sources account for nearly 80% of the project’s total development costs.
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 at www.nhhfa.org and www.GoNewHampshireHousing.com.
Contact Jane Law
Phone: (603) 310-9255
