Page 8 - 2018 NHHFA Annual report
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MULTI-FAMILY RENTAL HOUSING
ne of the key roles AHEAD Executive Director Mike Claflin with NHHFA staff members Rob Dapice, Dean Christon,
Jessica Daniels and Chris Miller at the groundbreaking for Friendship House in Bethlehem.
of New Hampshire
Housing is to stimulate
and support the avail-
ability of multi-family An important tool for financing Based Contract Administration
housing throughout the multi-family developments is the (PBCA) portfolio of 141 properties
state. Our Management federal Low Income Housing Tax (5,000 units) that receive direct proj-
and Development Division Credit Program (LIHTC), which ect-based rental assistance through
manages the financing of leverages investment in housing U.S. Department of Housing and
new multi-family rental unit development. As the state’s LIHTC Urban Development (HUD) programs.
construction, as well as the administrator, NHHFA reviews We processed $57 million in PBCA
refinancing and recapital- developers’ proposals and allocates funds in FY18.
izing of existing properties tax credits based on funding and the NHHFA’s oversight of these prop-
to preserve affordable percentage of units designated for erties ensures there is quality
housing units. low- and moderate-income families. administration and maintenance
Developers finance project construc-
In FY18, NHHFA contributed tion by selling their tax credits to of the properties, which house
financing for 18 new investors, who in turn receive a tax extremely low-income households.
affordable housing devel- benefit over a 10-year period. Project Based Assistance Units
opments, 11 rehabilitation (as of July 2018)
projects, and 7 preservation In FY18, six projects were funded • Units allocated to seniors /
projects. We financed over with these tax credits, for a total of disabled = 73.7%
633 new units and 191 units in NH. LIHTC generates • Units allocated to general
284 units were preserved, at least $25 - $30 million in private occupancy= 26.3%
of which 511 were capital to the state annually.
senior housing units. • Median Household Income in
MANAGEMENT OVERSIGHT PBCA Units = $15,836
NHHFA programs also
SECTION 811 PROJECT
address special needs OF RENTAL PROPERTIES The New Hampshire Section 811
RENTAL ASSISTANCE
While NHHFA does not own
FY 2018 NHHFA ANNUAL REPORT for veterans, persons with Management staff oversees a Project Rental Assistance (PRA)
housing, such as transi-
residential properties, our Asset
tional housing, and housing
portfolio of nearly 400 projects
program was awarded $8.6 million
substance use disorders,
containing 15,000 units that were
in project-based rental assistance
and women/children
financed by public resources. In
for extremely low-income, non-elderly
in crisis.
addition, we oversee a Performance
persons with severe mental illness to
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