Friars Court Phase I

Location
Hudson, New Hampshire 03051

Summary
This project consisted of the new construction of a 47-unit, general occupancy building and consists of a single garden style building with 23 one-bedroom units and 24 two-bedroom units. This project is the first of two phases planned. This project is the first approved affordable, general occupancy multi-family housing in the town of Hudson. The project was designed to achieve Passive House certification for energy efficiency. Located just off Route 3A and two miles from downtown Nashua, this project helped address a severe need for affordable housing in one of the tightest housing markets in the state. The mixture of rental units at 60% and 50% of AMI with more deeply subsidized apartments through the use of Housing Trust Fund subsidy and project-based rental assistance vouchers allowed the property to serve a range of lower- and middle-income families and individuals in close proximity to jobs and services.   

Friars Court Phase I was completed December 14, 2022.

Benefits & Innovation

Of Friars Court Phase I’s 47 total units, the LIHTC (Low Income Housing Tax Credit) program produced ten units that are reserved for households with incomes at or below 30% of area median income (AMI), four that are reserved for households with incomes at or below 50% AMI, and 21 that are reserved for households with incomes at or below 60% AMI. Of these affordable LIHTC units, four are reserved as Low HOME units.  Ten units are reserved as HTF units and are available to households with incomes at or below 30% AMI. These units overlap with the 30% AMI LIHTC units. Project-based vouchers for these units support the long-term tenancy of the residents. Additionally, four units are set aside for individuals with severe mental illness under the 811 PRA program with incomes at or below 30% AMI. The remaining 12 units are market rate units. 

There is a second phase of this project currently close to completion that is adding an additional 34 units of affordable housing to address the dire need in New Hampshire for housing.  The 2023 New Hampshire Statewide Housing Needs Assessment, which was conducted by Root Policy Research on behalf of New Hampshire Housing, found that the state needs 60,000 more housing units between 2020 and 2030, and nearly 90,000 units between 2020 and 2040.  

Partners

• New Hampshire Department of Health and Human Services, Bureau of Mental Health

Funding

• HOME: $540,000
• Low Income Housing Tax Credit Equity: $7,679,232
• Deferred Developer Fee: $76,050
• HTF $1,200,000
• Private Bank Loan $2,985,000
• Total: $12,480,282

Contact
Christine Lavallee
Senior Program Manager, Housing Grants
O: (603)-310-9307
[email protected]