NeighborWorks Southern New Hampshire enhances people s lives and the community environment by providing access to quality housing services, revitalizing neighborhoods and supporting opportunities for personal empowerment.
Who We Are & What We Do Neighborhood Development Real Estate Development Neighborhood Revitalization Community Empowerment Tenant Services HOMEteam Homebuyer Education Financial Capabilities Foreclosure Prevention Landlord Training Reverse Mortgage Counseling
NWSNH Service Area Amherst ~ Atkinson ~ Auburn ~ Bedford ~ Brookline ~ Candia ~ Chester ~ Danville ~ Derry ~ Goffstown ~ Hampstead ~ Hollis ~ Hooksett ~ Hudson ~ Litchfield ~ Londonderry ~ Lyndeborough ~ Manchester ~ Mason ~ Merrimack ~ Merrimack ~ Milford ~ Nashua ~ New Boston ~ Pelham ~ Plaistow ~ Salem ~ Sandown ~ Weare ~ Wilton ~ Windham
What is Affordable Housing? Affordable housing, also known as workforce housing, is a broad range of owner and renter housing that meets the needs of individuals and families whose income is generally below 100% of the area median income for, for-sale properties and 60% of the area median income for rental properties. Affordable housing is permanent, year-round housing, intended as a primary residence and is available to households regardless of age.
NWSNH Development Process Site Selection - Approx. 0 5 years Education Evaluate Neighborhood Needs Evaluate Community Assets Scouting / Bird-Dogging Acquisition - Approx. 6 months Design / Approvals - Approx. 1 2 years Financing - Approx. 1 3 years Soft debt (HOME, CDBG, FHLB) Hard debt (bank loan) Equity LIHTC (QAP) Construction - Approx. 12 18 months Plans & Specs RFQ to RFP General Contract Build Lease-up - Approx. 3 6 months Property Management - Ongoing Property Management On-going Operations Asset Management Tenant Services
NeighborWorks Southern New Hampshire Property Acquisition Data Sheet Date: Property Address: List Price: (Include listing sheet if available) Current Owner: Project Type: (Rental, Homeownership, Commercial, Mixed-Use) Project Sources & Uses: Sources: (Potential & Secured) Uses: Site Description: Available Neighborhood Services: Project Advantages: Red Flags: Additional Comments: Staff Recommendations: Photos:
NeighborWorks Southern New Hampshire Project Feasibility Questionnaire 1. Does this potential project meet the overall Strategic Plan goals and mission of NWSNH? Why or why not? 2. How does this potential project enhance: NWSNH s portfolio? (eg. proximity to existing projects) The community/neighborhood in which it will be located? 3. Does the project seem feasible financially or otherwise? Why or why not? 4. Who will benefit most from this project in the community and why/how? 5. Do you foresee any obstacles to completion of this project? (eg: variances, zoning, planning, environmental, funding, etc.) 6. What is the ultimate goal of this project? Why is it important? 7. Additional questions, comments, or concerns?
Example #1 Renaissance 8, LP Renovation of historic shoe factory in Manchester, NH 57 units of affordable rental housing Affordable to individuals & families First Look Summer 2004 Acquisiton Fall 2004 Design / Approvals / Financing 2005-2006 Construction Fall 2006 - Winter 2007 Lease -up January 2008 - April 2008 Sources Equity - LIHTC $ 6,500,000.00 Soft Debt - NWA, City HOME, NHHFA HOME, FHLBB $ 2,270,000.00 Hard Debt $ 1,400,000.00 Total Sources $ 10,170,000.00 Uses Acquisition $ 1,400,000.00 Architectural & Engineering $ 270,000.00 Construction $ 6,800,000.00 Soft Costs/Developer Fee $ 1,320,000.00 Reserves $ 380,000.00 Total Uses $ 10,170,000.00
Renaissance 8, LP / Silver Mill Apartments Before & After
Example #2 NWGM Housing I, LP New Construction Townhouses in Goffstown, NH In-fill / Planned Unit Development 25 units of affordable rental housing Affordable to individuals & families First Look 2007 Acquisiton Design / Approvals / Financing Construction 2007-2008 Fall 2009 - Winter 2010 Lease -up October 2010 - January 2011 Sources Equity - LIHTC $ 4,025,000.00 Soft Debt - NWA, NHHFA HOME, NHHFA T-CAP $ 950,000.00 Hard Debt $ 225,000.00 Total Sources $ 5,200,000.00 Uses Acquisition $ 250,000.00 Architectural & Engineering $ 120,000.00 Construction $ 3,680,000.00 Soft Costs/Developer Fee $ 971,500.00 Reserves $ 178,500.00 Total Uses $ 5,200,000.00
NWGM Housing I, LP / Abington Square - Before & After
Renaissance 7, LP / Straw Mansion Apartments Before & After
NWGM Housing III / Hidden Pond Before & After
What Can We Do To Help? NWSNH ensures long-term affordability. NWSNH brings federal and private resources to the town (Low Income Housing Tax Credits, CDBG, FHLBB, HOME, etc.). NWSNH brings quality, long-term management experience to rental property. NWSNH can build new units in a cluster development. NWSNH works on downtown housing / commercial properties. NWSNH can build new units in old buildings. What Do We Need? We need access to affordable land. We need density through flexible zoning. We need access to available infrastructure. We need land use policies to encourage affordable housing. We need town sponsorship of financing applications. We need local support.
801 Elm Street Manchester, NH 03101 603.626.4663 www.nwsnh.org