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In an effort to promote the construction of affordable single family home ownership units in the state, New Hampshire Housing recently created the New Production Initiative. This Initiative is intended to enable developers to build affordable housing that complies with targeting requirements such as those which may be placed on projects by municipalities.
New Hampshire Housing Finance Authority received development proposals from qualified applicants who propose to construct new affordable single family home ownership units (view public notice). The results of that application process was the award of subsidies of over 50 units of affordable housing to six new construction developments.
To finance the selected development initiatives under this program, New Hampshire Housing has committed $1 million for subsidies to qualified home buyers purchasing within the approved projects. Up to $20,000 per qualified buyer will be available for down payment/closing costs associated with the purchase when it is combined with a New Hampshire Housing first mortgage. Home buyers must meet all requirements of the Single Family Mortgage Program.
As part of this Initiative, New Hampshire Housing will provide first mortgages to qualified buyers, a deferred payment second mortgage in the amount of the subsidy, access to our network of Participating Lenders, and the opportunity for developers to list affordable units available in the qualified project on our web site.
Developments receiving subsidy awards (click on the links to see a project description and contact information):
Bow Highlands, Bow
Dalton Village, Nashua
Demetria's Crossing, Manchester
Gile Hill, Hanover
Kinkade Haven, Loudon
Moulton Cove, Laconia
Prescott Square, Nashua
New Production Initiative Program Rules
