Consulting

Boynton Road, Meredith, NH: Laconia Area Community Land Trust (LACLT) reached out to us on a complex development in Meredith, NH, that consisted of three simultaneous phases:
• Major improvements to off-site public infrastructure—water, sewer, and road;
• Rehabilitation of an existing, 13-unit manufactured home park that required relocating seven of the families; and
• Development of a new, 32-unit multi-family apartment community.

LACLT, a strong and experienced nonprofit housing organization, was working on this complicated and creative project. We knew LACLT’s commitment and vision would benefit the overall community and would provide decent and affordable housing to the residents already living in the manufactured housing park and to the new residents in the rental community. Working with LACLT, we helped the funders, residents and townspeople visualize this transition to a better community for all. We also provided the technical expertise to ensure the work was done correctly. The keys to the success of this transaction were our real estate and asset management skills, our familiarity and collaboration with different funding programs, and in particular, our commitment and knowledge to ensure the families were moved with respect, on time and on budget. We are proud to have worked with LACLT on this development.

Lafayette School, Portsmouth, NH: The Fund first worked with Portsmouth Housing Authority in 2003 when the Fund provided equity to the Portsmouth Cottage development (a redevelopment of 10 units). Because of that successful partnership, the Housing Authority contacted us when planning renovations to the former Lafayette School in Portsmouth. Thankfully, the Housing Authority’s plan to redevelop the school as elderly apartments was well-received in the community and by funding sources. Our scope of work included local approvals, LIHTC and other affordable housing program applications, deal and financing structuring, construction and permanent closings, and construction oversight. As with every deal this development had a unique issue. The property was owned by the City of Portsmouth, and we successfully negotiated a land lease with the city. The apartments are due to be completed later this summer, which will help low-income seniors who need a decent home. [Read news article on Lafayette School.]

Salem Senior Housing, Salem, NH: Salem Housing Authority has long provided affordable housing to low-income households. Yet, they recognized that more affordable housing was needed in Salem. So, they decided to pursue their first low-income housing tax credit property—Salem Senior Housing. While experienced in housing, Salem Housing Authority needed help with structuring and implementing a development using tax credits. At the Fund, housing is our business and our mission, and we were ready and willing to share our experience. This transaction became our first foray into full-service consulting. We were able to utilize our financial, real-estate and organizational experience and skills to pull together and lead the best development team suited for this transaction. The Fund worked with Salem Housing Authority on: a) obtaining all local approvals; b) seeking funding, including completing all funding applications such as the tax credit application; c) structuring the deal for long-term success; d) obtaining construction and permanent financing; e) providing construction oversight; and f) providing lease-up assistance. Now, Salem has 24 more units of long-term affordable housing thanks to the joint effort between the Salem Housing Authority and the Fund.

Wamesit Apartments, Portsmouth, NH: The Portsmouth Housing Authority has an existing 100-unit property that needs rehabilitation and that was financed under the HUD 236 program (mortgage interest subsidy program). Having previously worked well with the Housing Authority, the Fund was pleased to see how we could help this older property be brought up to modern standards while preserving affordability. Initially, the project was to be refinanced using tax-exempt bonds and 4% low-income housing tax credits. After fully reviewing available resources, we recommended refinancing using HUD’s 223(d)(3) program (FHA insured multifamily program). Additionally, to help cash flow and maintain affordability, we are working to extend the Housing Assistance Plan’s (HAP) contract for 70 tenants and working to secure enhanced Section 8 vouchers for the remaining residents. In addition to deal and finance structuring, our work includes obtaining approvals, filing funding applications, securing financing, coordinating the development team, overseeing all closings, and providing construction oversight. With the joint commitment of the Portsmouth Housing Authority and the Fund, we hope to implement a workable solution in this dynamic and challenging market.