Elm Grove Companies to Break Ground on $20 Million, 55-Unit Workforce Housing Project in Newport, NH

Rendering of Hale Crossing

PRESS RELEASE: Elm Grove Companies to Break Ground on $20 Million, 55-Unit Workforce Housing Project in Newport, NH

NEWPORT, NH (November 4, 2025)  Elm Grove Companies, a New Hampshire-based real estate firm, has announced the start of construction on Hale Crossing, a new 55-unit workforce housing community located at 21 Cross Street, Newport, NH. Developed in partnership with EGCON, a leading provider of development and construction services, this new apartment complex represents Elm Grove’s tenth venture in the affordable housing sector, adding to a statewide portfolio of over 480 affordable units completed or underway.

Hale Crossing will utilize the federal Low-Income Housing Tax Credit (LIHTC) program’s income averaging model, a relatively new approach that enables greater flexibility in serving residents earning between 20% and 80% of the Area Median Income (AMI).

The federal LIHTC program is a vital public-private partnership designed to encourage the creation of affordable multifamily housing by leveraging tax credits to attract private equity investment. Hale Crossing is financed through an allocation of LIHTCs by New Hampshire Housing, which were purchased by TD Bank via Redstone Equity Partners, along with tax-exempt bonds issued by New Hampshire Housing. Additional capital subsidies and risk share enhancements for the bonds were provided by NH Housing and the U.S. Department of Housing and Urban Development (HUD).

“This groundbreaking marks another important step forward in our collective effort to address New Hampshire’s housing crisis,” said Rob Dapice, CEO of NH Housing. “The team at Elm Grove have established themselves among the most innovative and effective companies working to meet the workforce needs of our state, and this project in particular serves as a model for future development opportunities.”

“New Hampshire’s workforce continues to face an urgent need for affordable housing options,” said Matt Menning, Principal and Head of Operations at Elm Grove. “This marks our tenth project focused on addressing that challenge, and we take pride in being at the forefront of creating new housing opportunities that strengthen our local communities.”

Designed for sustainability and long-term community benefit, Hale Crossing will be constructed to Energy Star standards and incorporate Passive House principles, including rooftop solar arrays to reduce energy costs and environmental impact. Planned amenities include a playground, community room, laundry facilities, and controlled access. 

The project represents a significant investment in the region, with a total development cost exceeding $20 million, including land, construction, financing, and related soft costs. The project team includes EGCON as the Developer, Burnell Johnson Architects as Lead Architect, Milestone Construction as General Contractor, Jon Rokeh from Rokeh Consulting, LLC as Civil Engineer, and legal counsel provided by Ken Viscarello’s Affordable Housing Group at Sheehan Phinney.

Elm Grove Companies will host an official groundbreaking ceremony on November 10, 2025, at 10:00 a.m. at the project site, located at 21 Cross Street, Newport, NH.

About Elm Grove Companies

Elm Grove Companies is a vertically integrated private equity real estate investment firm offering a strategic approach to acquisition, development, and third-party management. Backed by experienced principals and senior leadership, Elm Grove employs a rigorous asset selection process and hands-on management to deliver lasting community value. The Elm Grove family of companies includes Elm Grove Property Management, Elm Grove Realty, Elm Grove Investments, and EGCON - Construction and Development services. Learn more at www.elmgrovecompanies.com.