Penacook Landing Phase I

Concord, NH, Congressional District 2

Contact
Gloria Paradise
New Hampshire Housing Finance Authority
[email protected]
(603)310-9315

The Penacook Landing Project, the first of two phases, is the new construction of a 34-unit, general occupancy project. The project is located on a remediated Brownfield site, which has been vacant since 1987. The project consists of one building with 25 one-bedroom units and nine two-bedroom units serving mixed-income households. The development provides much needed affordable housing for the local workforce. Penacook is a village within the City of Concord.

Penacook Landing houses mixed income families. This project includes three units restricted to households with incomes at or below 30% of Area Median Income (AMI), which are designated as federal Housing Trust Fund units, six units reserved for households with incomes at or below 50% of AMI, 22 units reserved for households with incomes at or below 60% of AMI, and three units which are market rate units with no income or rent restrictions. Of the affordable units, three units are targeted as HOME units. Additionally, three of the affordable units are funded with Section 811 Project Rental Assistance to serve residents with severe mental illness who have extremely low income.

Penacook Landing was developed to serve residents with a range of incomes in an area with a tight rental market. Providing homes for people with extremely low incomes up to and including households that can afford market rate units. The property serves a variety of individuals and families including seniors, single parent households and community workforce individuals.

Funding
Housing Trust Fund investment: $336,432
Low Income Housing Tax Credit: $6,069,000
HOME investment: $388544
Other public funds: $700,000
Total project costs: $7,493,976

Partners
New Hampshire Housing Finance Authority was a key partner, providing capital subsidy of HOME Investment Partnerships and Housing Trust Fund deferred payment loans, and a permanent loan to support the long-term financial feasibility of the project. The City of Concord made improvements to the site with Community Block Development Grant funds from the Community Development Finance Authority, before selling a portion of the site to the Caleb Penacook LP. The Genesis Community Loan Fund made their first loan in New Hampshire for acquisition of the property.