New Hampshire Housing recently awarded $648,235 in Low Income Housing Tax Credits to Twin Pines Housing for the development of new mixed-income housing on Tracy Street in West Lebanon. The sale of the tax credits is expected to generate approximately $5.7 million for the 29-unit project. In December, Twin Pines received a commitment of Community Development Block Grant funds, from the New Hampshire Community Development Finance Authority, after the City of Lebanon sponsored its application. Twin Pines Housing previously received a funding commitment for permanent financing from Mascoma Savings Bank through the Federal Home Loan Bank of Boston’s Affordable Housing Program.
“It’s exciting to have the final piece of funding in place,” said Andrew Winter, Executive Director for Twin Pines Housing, “and we appreciate the support of New Hampshire Housing in helping to create this much needed housing.” Winter said, “The new building will be the first net zero affordable rental property in New Hampshire.”
Final designs for the three-story building, which will include photovoltaic panels, an elevator and a community room, are nearly complete. Construction is expected to get underway in early summer and take approximately 14 months. When finished, the project will offer 1- and 2-bedroom apartments for low to moderate income individuals and families of all ages. It is expected that four of the apartments will be designated for people with developmental disabilities under an agreement with Visions for Creative Housing Solutions, an Enfield-based nonprofit that provides services and support for adults with disabilities. Located across Tracy Street from the Kilton Library, the new apartments will be walkable to shopping, services, and an Advance Transit bus hub.
This new 29 unit mixed-income project will offer 1- and 2-bedroom apartments for all ages, incomes, and physical abilities to create a diverse and vibrant downtown community. The location is walkable to shopping, services, and Advance Transit bus service. The Kilton Library is just across Tracy Street.
- 18 units for households below 50% of AMI
- 11 units for households below 60% of AMI
Project funding has been secured and final designs, which include solar panels and an elevator, are being completed. Construction will begin in June 2018, and will take 12 to 14 months.