From the Eagle Tribune;
October 30, 2010
Affordable housing project opens in Salem
By Jillian Jorgensen jjorgensen@eagletribune.com The Eagle Tribune Sat Oct 30, 2010, 01:17 AM EDT
SALEM — Local and state officials cut the ribbon yesterday for a 26-unit housing development that will provide affordable homes for seniors using federal tax credits.
Glenridge Apartments, off Veterans Memorial Highway, will see its first tenant move in today. It was built by developer Steve Lewis and his partner, Gino Baroni, who received tax credits from the Low Income Housing Tax Credit Program.
Those funds are competitive. Each year, they are awarded by the federal government to each state, based on population. In New Hampshire, they are allocated by the New Hampshire Housing Finance Authority. This year, the program had more funding than usual, thanks to the federal American Recovery and Reinvestment Act.
"I don't think we'll see many projects like this happen because it's very difficult to get the tax credits," Planning Director Ross Moldoff said.
He said the project was great for Salem, and for a state that did not have much affordable senior housing. Of the units in the housing, 80 percent must be rented to people who make 60 percent or less than the area median income. For a single person, that's $35,880 annually. The rest of the units must be rented to people who earn 50 percent or less than the area median income.
Lewis said he chose to build affordable housing beside his Braemoor Woods development to overcome the "foolish, ignorant" belief that affordable housing lowers property values.
"There are million-dollar houses on top of the hill," he said.
Rent in the development will be subject to a federal cap that aims to keep the price at less than 30 percent of a tenant's income, said Dean Christon, executive director of NH Housing Finance Authority. Legally, it must remain affordable housing for 99 years.
The multi-family housing also incorporates green building technology, stormwater management, and low-impact landscaping that includes rain gardens and bio-retention basins to save water.
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6 comments:
What is not on topic is this:
Exeter Democrat David Mirsky is challenging Jim Reams as a write-in candidate for the county's top prosecutor position.
Reams is a six term candidate and I want new blood in this office.
thanks
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http://miriadafilms.ru/
Problem is he's a democrat. I have had enough of them.
Me too, but had enough of Reams yet?
Next time, we need a viable Republican candidate to replace Reams.
BTW, I noticed that the Atkinson Republican Committee did not endorse Reams.
Reams is a friend of CON-sentino, and has protected him in our efforts to stop the CON-sentino corruption in this town. Reams has to be taken out in order to take the BIG CON out of our problems. Birds of a feather you know!
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