Financial Support Centers on Key Residential Component of 15-Acre Facility; Units Scheduled to Open in 2025; Fundraising Ongoing for Programs/Operations
FRANKLIN, NH – Thanks to a heartfelt commitment to assist those who served our nation’s military, New Hampshire Housing and M&T Bank have coordinated with Easterseals NH to provide key financing to provide the funding to construct an affordable housing complex for veterans at the site under development in Franklin. New Hampshire Housing allocated the project about $7 million in Federal Low-Income Housing Tax Credits of which M&T is purchasing to facilitate the redevelopment of the 15-acre Daniel Webster Farm Campus and transform it into a residential and program center for veterans and their families.
M&T’s proceeds will be used to construct 29 one and two-bedroom rental units, which will be exclusively offered to tenants whose income is between 30% and 80% of Area Median income. M&T has also provided a $3 million revolving line of credit that Easterseals NH will use to bridge a State-awarded ARPA Grant for housing construction.
“The Low-Income Housing Tax Credit program finances the majority of publicly funded workforce housing built in New Hampshire. LIHTC financing has added nearly $1 billion of investment in the state,” noted Rob Dapice, executive director and CEO of New Hampshire Housing. “LIHTC funding is key to establishing the innovative housing and services that will be provided by the Easterseals NH Military & Veterans Campus.”
“We’re proud to collaborate with organizations that have maximum impact on the communities they serve and there’s no organization that demonstrates that better than Easterseals New Hampshire,” said Tim Wade, New Hampshire Regional President for M&T Bank. “Safe, affordable housing is vital to helping communities thrive and we’re proud to have worked with NH Housing to secure the tax credit financing needed to get this important project done for our nation’s heroes and their families.”
Low-Income Housing Tax Credits are a federal program through which NH Housing will allocate credits to qualified affordable developments. The Project developers, such as Easterseals NH, typically proceed to sell their awarded credits to Banks to finance their affordable housing developments.
Once complete, the first-of-its-kind center of excellence for veterans, military members, and their families will include affordable housing, hub of services, retreat center, and recreation opportunities.
“We are incredibly grateful to NH Housing for their belief of-and financial-support-of our Military and Veterans Campus,” said Maureen Beauregard, President & CEO, Easterseals NH & VT. “The Low-Income Housing Tax Credit Program offers incentives that make affordable housing projects truly come to fruition. M&T Bank has the capacity and unique ability to step up to utilize the tax credits and provide financing has helped us move this project forward. Without the tax credit, there are not enough available subsidies or resources in our state to make this happen. This tax credit equity program is a true difference maker,” Beauregard said.
Additional funds must still be raised to complete the retreat center, build the multipurpose recreation building, military-themed playground, and outdoor performance stage. Easterseals NH is committed to completing the project and collaborating with stakeholders, partners, the State of NH, and the public.