On Monday, April 16, Vermont Housing Finance Agency awarded Federal Tax Credits to Twin Pines Housing’s development on Sykes Mountain Avenue. The property, which is less than one mile from downtown White River Junction, will create 30 units of mixed-income housing.
“This project will help address the continued need for affordable workforce housing in the Upper Valley,” said Andrew Winter, Executive Director for Twin Pines Housing. “Trends are showing that the cost of housing is outpacing the incomes of most people who live in the area. These apartments will be available for a wide range of incomes, including those who earn less than 50% of Area Median Income (AMI) as well as families that make between 80% and 120% of AMI,” Winter said.
Architect gbA has been designing affordable housing for years, and has developed plans for a highly energy efficient and environmentally sustainable community. Final designs and permitting are in process, and construction is expected to begin in July.
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.
Housing for chronically homeless and extremely low income members of the community
Renovations on this building just off the green in Lebanon began in December, 2017. When complete, this three story building will provide 18 one-bedroom apartments for chronically homeless and extremely low income members of the community. Improvements include new roof, siding, wiring, windows, flooring, light fixtures, bathrooms, appliances, and energy efficiency. Enhanced case management services will be provided by the Upper Valley Haven. Construction is expected to be finished by June, 2018.
New housing for seniors and the disabled in Hanover, NH
The curent Summer Park Residences were constructed by the Town of Hanover in 1975. Zoning changes approved by Hanover will allow these 24 apartments to be replaced with an increased number of fully accessible, energy efficient units. Initial funding from the Federal Home Loan Bank of Boston through Ledyard Bank was approved in December. Twin Pines continues to work with the Town of Hanover to determine the full scope of the project, and hopes to begin instruction in 2019.
226 Holiday Drive, Suite 20
White River Junction, VT 05001