2018 MULTI-FAMILY HOUSING CONFERENCE
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1 2018 NHHFA Multi-Family Housing Conference May MULTI-FAMILY HOUSING CONFERENCE New Approaches to Affordable Housing Finance May 18 Portsmouth
2 New Hampshire Housing Finance Authority s mission is to promote, finance and support affordable housing and related services for the people of New Hampshire. Established by statute in 1981 as an independent, self-sustaining public benefit corporation, New Hampshire Housing receives no operating funds from state government. NHHFA s focus is to create housing which is affordable to low- and moderateincome people while supporting the state s real estate economy and related economic health MULTI-FAMILY HOUSING CONFERENCE New Approaches to Affordable Housing Finance May 18 Portsmouth Agenda... 3 Conference Speakers... 4 Overview of NHHFA Multi-Family Rental Housing Development... 6 NHHFA Funded Multi-Family Developments ( )... 9 NHHFA STAFF CONTACTS Chris Miller Managing Director, Management & Development cmiller@nhhfa.org Rob Dapice Director, Housing Development rdapice@nhhfa.org Jim Menihane Director, Business Development jmenihane@nhhfa.org Andy Boyle Director, Asset Management aboyle@nhhfa.org Gloria Paradise Director, Housing Grant Programs gparadise@nhhfa.org BOARD OF DIRECTORS Stephen W. Ensign, New London Chair Amy L. Lockwood, Deerfield Vice Chair Kendall Buck, Wilmot John A. Cuddy, North Conway Pauline Ikawa, Manchester Connie Boyles Lane, Concord Mary Beth Rudolph, Dover Stephanye Schuyler, Portsmouth Donald L. Shumway, Hopkinton Dean J. Christon, Executive Director Cover photos (from top): The Meadows, Hampton Falls; Gilford Village Knolls 3, Gilford; Bradley Commons, Dover; groundbreaking, Newfound River Apartments, Bristol; Kensington Woods, Bedford. Back: Friendship House, Bethlehem. 32 Constitution Drive Bedford, NH P.O. Box 5087 Manchester, NH NHHFA.org comments@nhhfa.org 2018 NHHFA Multi-Family Housing Conference May 2018
3 2018 MULTI-FAMILY HOUSING CONFERENCE NEW APPROACHES TO AFFORDABLE HOUSING FINANCE May 18, :00 AM 12:30 PM Portsmouth Harbor Events & Conference Center 8:00 8:45 AM Registration Breakfast 8:45 8:55 AM Welcome Dean Christon, Executive Director, New Hampshire Housing 8:55 9:15 AM Housing Policy Update Elissa Margolin, Director, Housing Action New Hampshire 9:15-10:15 AM Impact Investing & Housing Financing Anne Segrest McCulloch, President & CEO, Housing Partnership Equity Trust 10:15 10:30 AM BREAK 10:30-11:30 AM Panel Discussion: Impact Investing & Housing Finance Bill Floyd, Genesis Community Loan Fund Kevin Peterson, NH Community Development Finance Authority Michael Swack, Center for Impact Finance, Carsey School of Public Policy Anne Segrest McCulloch, Moderator 11:30 12:30 PM Vermont s SASH Program: Affordable Housing for Health and Well-Being Molly Dugan, SASH Program Director, Cathedral Square Miranda Lescaze, Real Estate Developer, Cathedral Square Lead Sponsor Series Sponsors Event Sponsors #NHHFAHousing 2018 NHHFA Multi-Family Housing NHHFA.org Conference
4 2018 NHHFA Multi-Family Conference SPEAKERS ANNE SEGREST MCCULLOCH is the CEO of Housing Partnership Network (HPN), an award-winning business collaborative of 100 of the nation s leading affordable housing and community development nonprofits. HPN facilitates peer-to-peer learning and promotes policy and practice that is based on the proven experience of some of the nation s most successful nonprofits. McCulloch is a long-time financial services executive and affordable housing advocate. She was Senior VP of Credit and Housing Access with responsibility for expanding Fannie Mae s business in emerging multicultural markets and expanding consumer access to sustainable mortgage credit and affordable housing. During her 18-year career at Fannie Mae, McCulloch was also Deputy General Counsel for Fannie Mae s Multifamily Mortgage Business, providing leadership and legal advice on multifamily housing ownership and finance, managing a legal team with responsibility for a $200 billion book of rental housing debt and equity investments. She also has served as joint Chief of Staff to Fannie Mae s Chief Executive Officer. Prior to joining Fannie Mae, McCulloch held senior positions with HUD, the Federal Deposit Insurance Corporation and the Resolution Trust Corporation. McCulloch holds a J.D. from Tulane University. Connect HOUSING POLICY UPDATE ELISSA MARGOLIN is director of Housing Action NH, a statewide organization of 80 organizations and businesses working to improve state and federal policy so everyone in New Hampshire has a place to call home. Since its founding in 2009, Housing Action NH has successfully secured appropriations for the Affordable Housing Fund, increased funding for NH s homeless shelters, increased advocacy for federal resources, helped pass accessory dwelling unit legislation, and protected the NH Workforce Housing Law. As a consultant to nonprofits, Margolin has worked to advance critical policy issues in New Hampshire with the Growth and Development Roundtable; the NH Center for Nonprofits; NH Voices for Health; the American Heart Association; Spark NH; Early Learning NH; Bi-State Primary Care Association; and the Trust for Public Land. Prior to these roles in NH, she earned her J.D. and was the executive director of the League of American Bicyclists in Washington DC. Connect PANELISTS IMPACT INVESTING & HOUSING FINANCE BILL FLOYD has served as executive director of the Genesis Community Loan Fund since The fund provides innovative financing by soliciting investment loans from individuals, churches, corporations, and foundations, and then re-lending the money at favorable terms to nonprofit organizations developing affordable housing and community facilities for underserved people and communities throughout Maine. Floyd has been involved in developing housing and providing services for people with very low income and individuals with disabilities since He serves on the Community Development Advisory Council for the Federal Reserve Bank of Boston and Northern New England Housing Investment Fund s Board. He received the Joseph Brannigan Community Excellence Award in 2015 in recognition of more than 30 years of work and advocacy to improve affordable housing in Maine. Connect GenesisFund.org NHHFA Multi-Family Housing Conference May
5 2018 NHHFA Multi-Family Conference SPEAKERS (cont d) KEVIN PETERSON is the Director of Economic Development for the New Hampshire Community Development Finance Authority. At the state-chartered, nonprofit development finance agency based in Concord, Peterson is part of a 14-person team that administers a $25 million pool of grant and loan funds to support community and economic development projects across New Hampshire. Previously, he was Senior Program Officer for the New Hampshire Charitable Foundation. He helped design and implement the Foundation s $12 million Impact Investing Program; managed a $800K nonprofit loan program; deployed the Foundation s Environment portfolio that distributed about $2 million annually; and oversaw regional grantmaking and nonprofit relations in the Connecticut River Valley. Prior to that, with the Appalachian Trail Conservancy, he coordinated land protection, resource management and volunteer stewardship along the Appalachian National Scenic Trail in New England. He is a member of Leadership NH 2007, and serves as the elected Town Moderator for Lyme, NH. Connect MICHAEL SWACK is the director of the Center for Impact Finance at the Carsey School of Public Policy and a professor at the University of New Hampshire. He works on building scale in the nonprofit community development sector, innovations in community development finance, microfinance, and new models of social enterprise. He also directs the Financial Innovations Roundtable (with the Board of Governors of the Federal Reserve). Swack was the founder and dean of the School of Community Economic Development at Southern New Hampshire University. He has been involved in the design, implementation, and management of community development lending and investment institutions inside and outside the U.S. He was the first chair and served on the New Hampshire Community Development Finance Authority board, a state-chartered equity fund for community economic development ventures. Swack is the founding president and on the NH Community Loan Fund board. Connect VT SASH PROGRAM: AFFORDABLE HOUSING FOR HEALTH & WELL-BEING MOLLY DUGAN is the SASH (Support And Services at Home) Director and over the past seven years has been responsible for overseeing the pilot program design and statewide expansion which currently includes 138 SASH program locations in every county and Health Service Area in Vermont. Prior to joining Cathedral Square Corp., Dugan was Deputy and then Acting Commissioner of the Department of Housing & Community Affairs for the State of Vermont. She is the staff lead on the SASH evaluations. Connect MIRANDA LESCAZE is a real estate developer for the affordable housing nonprofit Cathedral Square Corporation. She leads affordable housing development projects from inception through permitting, funding, design and construction. Cathedral Square, based in South Burlington, VT, develops and operates communities for seniors and individuals with special needs and has over $92 million in owned and managed corporate assets. CSC piloted and administers the SASH (Support and Services at Home) program as part of Vermont s Blueprint for Health. Lescaze s previous experience includes serving as the director of the Center for Workforce Development and Diversity at Vermont EPSCoR, and as technical coordinator for the Lake Champlain Basin Program. Connect 2018 NHHFA Multi-Family Housing Conference May
6 MULTI-FAMILY RENTAL HOUSING DEVELOPMENT SOURCES OF FEDERAL FUNDING FOR 2017 NHHFA PROJECTS Tax Exempt Bonds $60 MILLION IN 2017 National Housing Trust Fund $3 MILLION HOME Investment Partnership Program $3 MILLION Low Income Housing Tax Credits $3.1 MILLION GENERATES AT LEAST $25-30 MILLION IN PRIVATE CAPITAL ANNUALLY STATE FUNDING SOURCE Affordable Housing Fund JOBS CREATED FROM RENTAL HOUSING DEVELOPMENT IN 2017 $3.5 MILLION FY2017 2, NHHFA Multi-Family Housing Conference May
7 MULTI-FAMILY RENTAL HOUSING DEVELOPMENT $198.4 MILLION in Direct Economic Impact (2017) One of the key roles of New Hampshire Housing is to stimulate and support the availability of multi-family housing throughout the state. Our Management and Development Division manages programs designed to finance new multi-family rental unit construction, as well as refinance and recapitalize existing properties to preserve affordable housing units. Developers apply for funds to construct or rehabilitate affordable multi-family rental housing for low-income households. NHHFA programs address special needs housing, such as transitional housing, along with housing for veterans, persons with substance use disorders, and women/children in crisis. NHHFA manages a number of multi-family financing programs that can be used together to make affordable housing possible. LOW-INCOME HOUSING TAX CREDIT PROGRAM (LIHTC) An important tool for financing eligible projects is the federal Low-Income Housing Tax Credit Program (LIHTC), which leverages investment in housing development. As the state s LIHTC administrator, NHHFA reviews developers proposals and allocates tax credits based on funding and the percentage of units designated for lowand moderate-income families. Developers finance project construction by exchanging tax credits for equity investments in properties. Investors receive a tax benefit over a 10-year period. In FY17, six projects were funded with LIHTC for a total of 199 units around the state. The LIHTC program brings more than $30 million in private capital to the state annually. TAX EXEMPT BONDS The Tax Exempt Bonds Financing and Portfolio Preservation Program provides construction and/or permanent debt financing through the sale of tax exempt or taxable bonds, as well as equity financing through the use of the LIHTC. The program is well-suited for the preservation of existing subsidized housing and creation of new rental units. Projects using this program typically have an income stream that allows the project to service significant long-term debt. In 2017, NHHFA issued almost $60 million in tax-exempt bonds to support multi-family housing initiatives. HOME INVESTMENT PARTNERSHIP PROGRAM The federal HOME Program is the primary source of capital subsidy support for LIHTC and other projects. The HOME Program provides a critical source of gap funding to make affordable housing developments possible. HOUSING TRUST FUND (FEDERAL) The federal Housing Trust Fund (HTF) provides financing to create housing affordable for extremely low-income households (those with incomes at 30% or less of median income) and is an important tool to support housing opportunities for our most vulnerable population. FEDERAL HOUSING AUTHORITY (FHA) RISK SHARING PROGRAM Congress established this program in 1992 to support FHA s multi-family mortgage production. The FHA-HFA Risk-Sharing program allows state HFAs that meet rigorous financial standards to underwrite FHA multifamily loans in return for sharing the risk of losses on those loans. FHA provides full insurance on the loans, and HFAs agree to accept up to 50 percent of the risk of losses on those loans. LEAD HAZARD ABATEMENT Through HUD grants, NHHFA offers lead hazard reduction funds and Healthy Homes intervention funds to single-family and multi-family owners. These funds are used to focus on the abatement of hazardous lead paint from homes and apartments where a child under the age of six resides. Funding priority is given to units with documented cases of children with elevated blood lead levels. Sixty-two percent of NH homes could have lead hazards; children and pregnant women are at risk during home renovations NHHFA Multi-Family Housing Conference May
8 MULTI-FAMILY RENTAL HOUSING DEVELOPMENT Type of Multi-Family Development # of Units Total Cost # of Developments New Construction 433 $ 88,279, Adaptive Reuse 85 $ 8,130,758 3 (commercial buildings into housing, e.g., mill buildings, churches, stores) Preservation / Refinance 786 $ 102,004,908 8 TOTAL (2017) 1,304 $ 198,415, Type of Apartment Occupancy General Occupancy 979 $ 151,446, Age Restricted 178 $ 26,359,567 5 Special Needs 117 $ 13,610,758 4 Veterans 30 $ 6,998,950 1 TOTAL (2017) 1,304 $ 198,415, PROJECT-BASED RENTAL ASSISTANCE MANAGEMENT OVERSIGHT OF RENTAL PROPERTIES While New Hampshire Housing Finance Authority does not own residential properties, our Asset Management staff oversee properties that have received financing through NHHFA programs, as well as properties receiving direct project-based rental assistance through U.S. Department of Housing and Urban Development (HUD) programs. NHHFA s asset management portfolio includes nearly 390 properties containing approximately 15,000 units financed by public resources. NHHFA s oversight of these properties ensure there is quality administration and maintenance of the properties, which house extremely low-income households. Project Based Assistance Units (as of 2/2018) Units allocated to seniors / disabled 73.7% Units allocated to general occupancy 26.3% Median Household Income in PBCA Units $15, LIHTC STUDY FINDINGS Would you like to know more about who lives in Low Income Housing Tax Credit (LIHTC) projects? Did you know that 26% of occupants living in non-age-restricted projects (general occupancy) are retired? Or that over half (52%) of the residents of the general occupancy projects moved there from the same city or town, and another 24% from the same NH county? And, one-third of the people in these age-restricted tax credit projects moved from a house they owned. These and other interesting facts can be found in a New Hampshire Housing-commissioned study of the occupancy profile of New Hampshire LIHTC properties. Conducted by Bruce Mayberry of BCM Planning LLC in 2017, the study provides demographic, educational attainment levels, employment status and other demographic information of typical tenants living in these properties. Affordable Rental Housing Developments: Characteristics of Residents of New Hampshire Low Income Housing Tax Credit Apartments (2018) is available as a PDF at (2018) NHHFA Multi-Family Housing Conference May
9 FUNDED MULTI-FAMILY DEVELOPMENTS JULY MARCH 2018 PRE-CONSTRUCTION Apple Ridge Phase I, Rochester Boulder Point Veterans Housing, Plymouth Bradley Commons Phase II, Dover Chandler Place Phase II, Plaistow Cocheco River Manor, Dover Epping Community-Based Housing, Epping Goddard Block, Claremont The Meadows Phase II, Hampton Falls Northeastern Boulevard Recovery Housing, Nashua St. Regis House, Berlin Sunrise House, Laconia Tracy Street Apartments, Lebanon UNDER CONSTRUCTION Bradley Commons, Dover Carpenter Center, Manchester Family Willows Recovery Housing, Manchester Friendship House, Bethlehem Gilford Village Knolls 3, Gilford Hope House, Wolfeboro Marshall Street Apartments, Nashua Newfound River Apartments, Bristol Parkhurst Community Housing, Lebanon Rockingham Village Apartments (f/k/a Cimarron), Seabrook Safe Spaces, Concord Three Meeting Place, Exeter Whittemore Place Phase II, Londonderry Whittier Falls Housing, Dover COMPLETED Bridgeview Apartments, Pittsfield Brookside Park, Berlin Chandler Place, Plaistow Franklin Light and Power Mill, Franklin Kensington Woods, Bedford The Meadows Phase I, Hampton Falls Northfield Village, Northfield Pillsbury Square Apartments, Derry Renaissance RENEW, Manchester The Residences on the Knoll over Mystic Brook, Goffstown Rolling Green Village, Pittsfield Wentworth Place Apartments, Merrimack Westmill Senior Housing, Keene NHHFA Funded Multi-Family Developments ( ) May
10 PRE-CONSTRUCTION APPLE RIDGE PHASE I 114 Rochester Hill Road, Rochester District 1 Sponsor: David R. Lemieux Project Sources Units / Unit Type: 34 / General Occupancy LIHTC Equity* $ 6,602,596 Architect: Lassel Architects Permanent Debt $ 1,150,000 Permanent Lender: TBD Other $ 144,000 Construction Lender: TBD TOTAL $ 7,896,596 General Contractor: D.M. Lemieux Construction Contract: TBD BOULDER POINT VETERANS HOUSING Boulder Point Drive, Plymouth District 2 Sponsor: Harbor Homes, Inc. Project Sources Units / Unit Type: 30 / Veterans Housing LIHTC Equity* $ 2,275,000 Architect: Lavallee Brensinger, PA Housing Trust Fund* $ 1,350,000 Permanent Lender: Enterprise Bank HOME - NHHFA* $ 675,000 Construction Lender: NHHFA FHLBB AHP Grant $ 500,000 General Contractor: Milestone Eng. & Const. NBRC Grant* $ 250,000 Construction Contract: $3,950,000 CDFA - State Tax Credits $ 500,000 Permanent Debt $ 973,000 Other $ 475,950 TOTAL $ 6,998,950 BRADLEY COMMONS PHASE II 577 Central Avenue, Dover District 1 Sponsor: The Housing Partnership Project Sources Units / Unit Type: 10 / General Occupancy LIHTC Equity* $ 1,900,019 Architect: Lassel Architects NHCLF Loan $ 712,900 Permanent Lender: NH Community Loan Fund Other $ 145,000 Construction Lender: NHHFA TOTAL $ 2,757,900 General Contractor: Pinebrook Construction Contract: TBD CHANDLER PLACE PHASE II 18 Chandler Avenue, Plaistow District 1 Sponsor: Steven Lewis, Inc. Project Sources Units / Unit Type: 14 / Age Restricted LIHTC Equity* $ 1,870,579 Architect: Burnell Johnson Permanent Debt $ 447,381 Permanent Lender: TBD HOME - NHHFA* $ 634,565 Construction Lender: TBD Other $ 90,000 General Contractor: TBD TOTAL $ 3,042,525 Construction Contract: TBD NHHFA Funded Multi-Family Developments ( ) May
11 PRE-CONSTRUCTION COCHECO RIVER MANOR County Farm Road, Dover District 1 Sponsor: CAP of Stafford County Project Sources Units / Unit Type: 24 / Age-Restricted LIHTC Equity* $ 4,236,495 Architect: Joy and Hamilton HOME - NHHFA* $ 235,000 Permanent Lender: Bank of America FHLB AHP Grant $ 500,000 Construction Lender: Bank of New Hampshire FHLB AHP Loan $ 835,000 General Contractor: Martini Northern Other $ 24,000 Construction Contract: TBD TOTAL $ 5,830,495 EPPING COMMUNITY-BASED HOUSING FOR SEVERELY DISABLED 311 Prescott Road, Epping District 1 Sponsor: One Sky Community Svs. Project Sources Units / Unit Type: 6 / Special Needs NHHFA Special Needs $ 350,000 Architect: Manypenny Murphy CDFA State Tax Credits $ 184,000 Permanent Lender: Optima Bank Permanent Debt $ 133,000 Construction Lender: N/A Owner $ 636 General Contractor: Careno Construction TOTAL $ 667,636 Construction Contract: $457,150 GODDARD BLOCK Pleasant Street, Claremont District 2 Sponsor: Kevin Lacasse, NEFH Project Sources Units / Unit Type: 36 / General Occupancy LIHTC Equity* $ 5,349,006 Architect: Barrett Architecture, PC Historic Tax Credit Equity* $ 1,536,432 Permanent Lender: TBD HOME - NHHFA* $ 1,412,237 Construction Lender: TBD Permanent Loan $ 1,225,000 General Contractor: Trumbull Nelson CDBG* $ 475,000 Construction Contract: TBD Developer Fee Loan $ 25,000 TOTAL $ 10,022,675 THE MEADOWS PHASE II 27 Brown Road, Hampton Falls District 1 Sponsor: Avesta Housing Development Project Sources Units / Unit Type: 48 / Age Restricted LIHTC Equity* $ 5,849,415 Architect: Lassel Architects FHLBB AHP Loan $ 2,514,621 Permanent Lender: Bangor Savings Bank HOME - NHHFA* $ 1,000,000 Construction Lender: Bangor Savings Bank FHLBB AHP Grant $ 641,728 General Contractor: Allied Cook Housing Trust Fund* $ 225,015 Construction Contract: TBD TOTAL $ 10,240,718 NHHFA Funded Multi-Family Developments ( ) May
12 PRE-CONSTRUCTION NORTHEASTERN BOULEVARD RECOVERY HOUSING Northeastern Blvd, Nashua District 2 Sponsor: Harbor Homes, Inc. Project Sources Units / Unit Type: 50 / Special Needs - Opioid FHLBB AHP Grant $ 750,000 Architect: Lavallee Brensinger, PA NHHFA - AHF $ 1,030,000 Permanent Lender: Enterprise Bank Permanent Debt $ 2,652,506 Construction Lender: Enterprise Bank Other $ 157,000 General Contractor: Bonette, Page & Stone TOTAL $ 4,589,506 Construction Contract: $3,600,500 ST. REGIS HOUSE 421 Main Street, Berlin District 2 Sponsor: Berlin Housing Authority Project Sources Units / Unit Type: 42 / Age Restricted LIHTC Equity* $ 4,052,586 Architect: Alba Architects, LLP HUD Mtg Restructuring* $ 907,084 Permanent Lender: TBD Historic Tax Credit Equity* $ 741,519 Construction Lender: NHHFA Permanent Loan $ 543,921 General Contractor: Schaefer Genl. Contractor HOME - NHHFA* $ 380,725 Construction Contract: TBD Other $ 284,144 TOTAL $ 6,909,979 SUNRISE HOUSE 423 South Main Street, Laconia District 1 Sponsor: Laconia Housing & Redev. Author. Project Sources Units / Unit Type: 16 / Special Needs NHHFA Special Needs $ 550,000 Architect: Warrenstreet Architects Amortizing Loan $ 875,000 Permanent Lender: Bank of New Hampshire FHLBB AHP Grant $ 500,000 Construction Lender: Bank of New Hampshire Housing Trust Fund $ 1,350,000 General Contractor: Gary Chicoine Const. Co. TOTAL $ 3,275,000 Construction Contract: $2,455,000 TRACY STREET APARTMENTS 16 Tracy Street, Lebanon District 2 Sponsor: Twin Pines Housing Trust Project Sources Units / Unit Type: 29 / General Occupancy LIHTC Equity* $ 5,510,000 Architect: Maclay Architects FHLBB AHP Loan $ 966,751 Permanent Lender: Mascoma Savings Bank FHLBB AHP Grant $ 679,932 Construction Lender: Mascoma Savings Bank CDBG* $ 380,000 General Contractor: Estes & Gallup Other $ 260,826 Construction Contract: TBD TOTAL $ 7,815,509 NHHFA Funded Multi-Family Developments ( ) May
13 UNDER CONSTRUCTION BRADLEY COMMONS 577 Central Avenue, Dover District 1 Sponsor: The Housing Partnership Project Sources Units / Unit Type: 39 / General Occupancy LIHTC Equity* $ 6,463,529 Architect: Lassel Architects FHA Risk Share* $ 1,463,000 Permanent Lender: NHHFA HOME - NHHFA* $ 737,632 Construction Lender: NHHFA NHHFA - AHF Loan $ 300,000 General Contractor: Pine Brook CDFA State Tax Credits $ 280,000 Construction Contract: $9,171,663 Other $ 3,465,079 TOTAL $ 9,244,161 CARPENTER CENTER 323 Franklin Street, Manchester District 1 Sponsor: Paul & Ryan Stewart Project Sources Units / Unit Type: 96 / Age-Restricted Permanent Loan $ 4,320,000 Architect: N/A Reserve Transfer $ 1,165,000 Permanent Lender: NHHFA Other Seller Reserves $ 181,200 Construction Lender: NHHFA TOTAL $ 5,666,200 General Contractor: Stewart Prop. Mgmt Construction Contract: $1,788,722 FAMILY WILLOWS RECOVERY HOUSING 267 Wilson Street, Manchester District 1 Sponsor: Families In Transition Project Sources Units / Unit Type: 12 / Special Needs - Opioid HOME - Manchester* $ 531,252 Architect: Burnell Johnson Architects NHHFA - AHF $ 720,000 Permanent Lender: NHHFA Other $ 100,000 Construction Lender: NHHFA TOTAL $ 1,351,252 General Contractor: A.W. Rose Const., LLC Construction Contract: $1,086,414 FRIENDSHIP HOUSE 2958 Main Street, Bethlehem District 2 Sponsor: AHEAD, Inc. Project Sources Units / Unit Type: 32 / Special Needs - Opioid CDBG* $ 1,000,000 Architect: ALBA Architects, Inc. NBRC* $ 150,000 Permanent Lender: NHHFA NHHFA - AHF/Spc Needs $ 1,200,000 Construction Lender: NHHFA NHHFA - AHF $ 250,000 General Contractor: HP Cummings Const., Inc. Other $ 2,880,000 Construction Contract: $4,190,829 TOTAL $ 5,480,000 NHHFA Funded Multi-Family Developments ( ) May
14 UNDER CONSTRUCTION GILFORD VILLAGE KNOLLS 3 43 Potter Hill Road, Gilford District 1 Sponsor: Lakes Region Comm. Dev. Project Sources Units / Unit Type: 24 / Age Restricted LIHTC Equity* $ 3,648,467 Architect: Stewart Associates Architects HOME - NHHFA* $ 981,500 Permanent Lender: NHHFA CDBG* $ 285,000 Construction Lender: NHHFA NHHFA - Perm Debt $ 428,000 General Contractor: Martini Northern NHCLF Perm Debt $ 267,000 Construction Contract: $3,440,000 Equity (sale of solar credits) $ 70,000 TOTAL $ 5,679,967 HOPE HOUSE 16 Lehner Street, Wolfeboro District 1 Sponsor: Families in Transition Project Sources Units / Unit Type: 7 / Special Needs NHHFA AHF $ 750,000 Architect: Warrenstreet Architects, Inc. Permanent Debt $ 386,886 Permanent Lender: People s United Bank Private Grants $ 1,000,000 Construction Lender: Various sources Donations $ 2,700 General Contractor: FIT / Housing Benefits TOTAL $ 2,139,586 Construction Contract: $550,000 MARSHALL STREET APARTMENTS 22 Marshall Street, Nashua District 2 Sponsor: Anagnost Investments, Inc. Project Sources Units / Unit Type: 152 / General Occupancy Bonds/HFA Risk Share* $ 15,640,000 Architect: Burnell Johnson LIHTC Equity* $ 9,065,052 Permanent Lender: NHHFA HOME - NHHFA* $ 1,250,000 Construction Lender: NHHFA HOME - City of Nashua* $ 200,000 General Contractor: A.W. Rose Construction, LLC NHHFA - AHF Loan $ 1,000,000 Construction Contract: $20,281,096 Other $ 1,036,422 TOTAL $ 28,191,474 NEWFOUND RIVER APARTMENTS 490 Lake Street, Bristol District 2 Sponsor: Newfound River Apts. LLC Project Sources Units / Unit Type: 32 / General Occupancy LIHTC Equity* $ 5,239,122 Architect: Burnell Johnson Architects CRF/FHA Risk Share $ 649,482 Permanent Lender: NHHFA CDBG* $ 475,000 Construction Lender: TD Bank TOTAL $ 5,714,122 General Contractor: Cheshire Builders Construction Contract: $4,561,115 NHHFA Funded Multi-Family Developments ( ) May
15 UNDER CONSTRUCTION PARKHURST COMMUNITY HOUSING 110 Parkhurst Street, Lebanon District 2 Sponsor: Twin Pines Housing Trust Project Sources Units / Unit Type: 18 / SPL Needs - Sup. Housing Housing Trust Fund* $ 1,350,000 Architect: Studio Nexus, Inc. Permanent Debt $ 600,000 Permanent Lender: NH Community Loan Fund Other $ 240,000 Construction Lender: N/A TOTAL $ 2,190,000 General Contractor: ReArch Construction Contract: $1,095,224 ROCKINGHAM VILLAGE APARTMENTS (F/K/A CIMARRON APTS.) 2 Batchelder Road, Seabrook District 1 Sponsor: Chartwell Holdings, LLC Project Sources Units / Unit Type: 388 / General Occupancy Bonds/FHA Risk Share* $ 32,000,000 Architect: Burnell Johnson Architects LIHTC Equity* $ 14,700,000 Permanent Lender: NHHFA Other $ 7,700,000 Construction Lender: NHHFA TOTAL $ 54,400,000 General Contractor: North Branch Construction Construction Contract: $11,468,706 SAFE SPACES North Main Street, Concord District 2 Sponsor: Concord Coalit. End Homelessness Project Sources Units / Unit Type: 21 / Special Needs NHHFA Oper. Fund Loan $ 250,000 Architect: Warrenstreet Architects CDFA Tax Credits $ 344,933 Permanent Lender: None Private Donations $ 173,004 Construction Lender: Merrimack Co. Savings Bank TOTAL $ 767,937 General Contractor: Gary Chicoine Const. Co. Construction Contract: $454,862 THREE MEETING PLACE 3 Meeting Place Drive, Exeter District 1 Sponsor: Avesta Housing Devel. Project Sources Units / Unit Type: 43 / General Occupancy LIHTC Equity* $ 5,768,304 Architect: Burnell Johnson Architects FHLBB AHP Loan $ 1,828,193 Permanent Lender: Bangor Savings Bank FHLBB AHP Grant $ 750,000 Construction Lender: Bangor Savings Bank CDBG* $ 145,000 General Contractor: Benchmark Fed. Solar Tax Credit* $ 45,913 Construction Contract: $5,079,967 Other $ 40,000 TOTAL $ 8,602,410 NHHFA Funded Multi-Family Developments ( ) May
16 UNDER CONSTRUCTION WHITTEMORE PLACE PHASE II 101 Mammoth Road, Londonderry District 1 Sponsor: NeighborWorks So. NH Project Sources Units / Unit Type: 33 / General Occupancy LIHTC Equity* $ 4,212,097 Architect: John S. Jordan Design FHLBB AHP Loan $ 1,300,000 Permanent Lender: Eastern Bank FHLBB AHP Grant $ 600,000 Construction Lender: Eastern Bank HOME - NHHFA* $ 570,888 General Contractor: Gary Chicoine Const. Co. Other $ 463,000 Construction Contract: $4,634,090 TOTAL $ 7,145,985 WHITTIER FALLS HOUSING Multi-site, Dover District 1 Sponsor: Dover Housing Authority Project Sources Units / Unit Type: 184 / General Occupancy Bonds/FHA Risk Share* $ 6,266,878 Architect: CJ Architects LIHTC Equity* $ 5,341,141 Permanent Lender: NHHFA Other $ 8,306,016 Construction Lender: NHHFA TOTAL $ 19,914,035 General Contractor: Gary Chicoine Const. Co. RAD (Rental Assistance Demonstration) Construction Contract: $8,735,120 Conversion Project COMPLETED BRIDGEVIEW APARTMENTS 87 River Road, Pittsfield District 2 Sponsor: Paul and Ryan Stewart Project Sources Units / Unit Type: 24 / General Occupancy FFB/FHA Risk Share* $ 896,400 Architect: N/A Other $ 184,588 Permanent Lender: NHHFA TOTAL $ 1,080,988 Construction Lender: N/A General Contractor: N/A Construction Contract: N/A BROOKSIDE PARK 155 Maynesboro Street, Berlin District 2 Sponsor: Carpenter Center Affordable Project Sources Housing, LLC Units / Unit Type: 120 / General Occupancy LIHTC Equity* $ 3,416,167 Architect: The Architectural Team Permanent Loan $ 5,150,000 Permanent Lender: NHHFA IRP Loan* $ 349,847 Construction Lender: NHHFA Developer Fee Loan $ 1,015,000 General Contractor: Gary Chicoine Const. Co. TOTAL $ 9,931,014 Construction Contract: $5,000,000 NHHFA Funded Multi-Family Developments ( ) May
17 COMPLETED CHANDLER PLACE Chandler Avenue, Plaistow District 1 Sponsor: Steve Lewis, Inc. Project Sources Units / Unit Type: 25 / Age Restricted LIHTC Equity* $ 4,544,546 Architect: Burnell Johnson Architects Permanent Debt $ 600,000 Permanent Lender: Citizen's Bank NHHFA - AHF Loan $ 333,000 Construction Lender: Citizen's Bank Other $ 51,337 General Contractor: Gary Chicoine Construct. Co. TOTAL $ 5,528,883 Construction Contract: $3,654,253 FRANKLIN LIGHT AND POWER MILL 100 Memorial Street East, Franklin District 2 Sponsor: CATCH Housing Project Sources Units / Unit Type: 45 / General Occupancy LIHTC Equity* $ 7,896,484 Architect: Warrenstreet Architects Historic Tax Credit Equity* $ 1,848,845 Permanent Lender: Franklin Savings Bank HOME - NHHFA* $ 1,400,000 Construction Lender: Franklin Savings Bank CDBG* $ 475,000 General Contractor: Bonette Page & Stone Permanent Debt $ 200,000 Construction Contract: $8,500,000 TOTAL $ 11,820,329 KENSINGTON WOODS 196 Meetinghouse Road, Bedford District 1 Sponsor: Dakota Partners Project Sources Units / Unit Type: 41 / General Occupancy LIHTC Equity* $ 7,215,454 Architect: RA Shaffer & DM White CRF/FHA Risk Share $ 1,025,000 Permanent Lender: NHHFA HOME - NHHFA* $ 615,541 Construction Lender: NHHFA NHHFA - AHF Loan $ 200,000 General Contractor: Stateside Construction Other $ 543,980 Construction Contract: $5,626,191 TOTAL $ 9,055,995 THE MEADOWS PHASE I 30 Brown Road, Hampton Falls District 1 Sponsor: Avesta Housing Development Project Sources Units / Unit Type: 24 / Age Restricted LIHTC Equity* $ 4,556,187 Architect: Lassel Architects FHLBB AHP Grant $ 500,000 Permanent Lender: Meredith Village Savings Bank FHLBB AHP Loan $ 850,000 Construction Lender: Meredith Village Savings Bank NHHFA Subsidy $ 432,000 General Contractor: TPD Construction TOTAL $ 6,393,407 Construction Contract: $4,458,383 NHHFA Funded Multi-Family Developments ( ) May
18 COMPLETED NORTHFIELD VILLAGE 25 Spring Street, Northfield District 2 Sponsor: Laconia Hsg & R-dev Auth. Project Sources Units / Unit Type: 36 / Age Restricted FFB/FHA Risk Share* $ 1,700,000 Architect: N/A Other $ 140,813 Permanent Lender: NHHFA TOTAL $ 1,840,813 Construction Lender: N/A General Contractor: N/A Construction Contract: N/A PILLSBURY SQUARE APARTMENTS 12 West Broadway, Derry District 1 Sponsor: Paul and Ryan Stewart Project Sources Units / Unit Type: 28 / Age Restricted FFB/FHA Risk Share* $ 1,475,000 Architect: N/A Other $ 521,000 Permanent Lender: NHHFA TOTAL $ 1,996,000 Construction Lender: N/A General Contractor: N/A Construction Contract: N/A RENAISSANCE RENEW Scattered Site, Manchester District 1 Sponsor: NeighborWorks So. NH Project Sources Units / Unit Type: 98 / General Occupancy LIHTC Equity* $ 3,783,983 Architect: John S. Jordan Design HOME - NHHFA* $ 1,289,574 Permanent Lender: NHHFA HOME - Manchester* $ 1,101,777 Construction Lender: NHHFA Permanent Debt $ 650,000 General Contractor: NeighborWorks So. NH Other $ 181,000 Construction Contract: $2,640,665 Other $ 2,046,666 TOTAL $ 9,053,000 THE RESIDENCES ON THE KNOLL OVER MYSTIC BROOK 40 Abbey Lane, Goffstown District 1 Sponsor: Dick Anagnost, Anagnost Co. Project Sources Units / Unit Type: 48 / General Occupancy FFB/FHA Risk Share* $ 5,700,000 Architect: N/A Other $ 101,250 Permanent Lender: NHHFA TOTAL $ 5,801,250 Construction Lender: N/A General Contractor: N/A Construction Contract: N/A NHHFA Funded Multi-Family Developments ( ) May
19 COMPLETED ROLLING GREEN VILLAGE 67 Main Street, Pittsfield District 1 Sponsor: Paul & Ryan Stewart Project Sources Units / Unit Type: 40 / Age-Restricted FFB/FHA Risk $ 1,332,000 Share* Architect: N/A Other $ 243,068 Permanent Lender: NHHFA TOTAL $ 1,575,068 Construction Lender: N/A Construction Contract: N/A WENTWORTH PLACE APARTMENTS 1-81 Coventry Court, Merrimack District 2 Sponsor: Paul & Ryan Stewart Project Sources Units / Unit Type: 80 / Age-Restricted FFB/FHA Risk Share* $ 3,675,000 Architect: N/A Other $ 143,000 Permanent Lender: NHHFA TOTAL $ 3,818,000 Construction Contract: N/A WESTMILL SENIOR HOUSING Railroad Street, Keene District 2 Sponsor: SW Community Services, Inc. Project Sources Units / Unit Type: 26 / Age Restricted LIHTC Equity* $ 4,113,000 Architect: Burnell Johnson Architects CDBG* $ 472,500 Permanent Lender: NHHFA HOME - NHHFA* $ 273,144 Construction Lender: NHHFA FHLBB AHP Grant $ 295,000 General Contractor: Cheshire Builders CDIP $ 360,000 Construction Contract: $3,724,000 TOTAL $ 5,513,644 NHHFA Funded Multi-Family Developments ( ) May
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