Exeter Gets $500K for Affordable Housing

The New Hampshire Executive Council has approved a $500,000 grant to the town of Exeter to assist with the development of 39 units of affordable rental housing.

The action by the Governor and Council on April 9 authorized the Community Development Finance Authority, under the Community Development Block Grant program, to award the money for what is known as Meeting Place III, according to the grant request.

Exeter requested the CDBG funds on behalf of Avesta Housing Development Corp. to develop 24 one-bedroom and 15 two-bedroom units, according to council documents.

The money is to be used for acquisition, while matching funds in the amount of $7,977,409 will come from a variety of sources, including Low Income Housing Tax Credits, HOME funds and a loan from TD Bank.

According to back-ground information for governor and council:

"The application is for the third phase of a larger project that will ultimately result in a four building 122-unit project. The first building is a 32-unit affordable workforce housing project which has been completed (and which has a waiting list for occupancy) and was funded in part with CDBG funds. The second building has 26 affordable rental units for seniors (fully occupied). Buildings three and four are intended for family/workforce housing."