January 9, 2024 - NH Real Estate development firm, Elm Grove Companies, has completed construction on Depot & Main Apartments, a 74-unit LIHTC and Workforce Housing community at 41 Main Street in Salem, NH. Having already served as an experienced LIHTC (Low-Income Housing Tax Credit) property manager, this was the company’s first venture into the space as a developer.
The federal LIHTC program is an important public/private financing tool that encourages developers and investors to create affordable multi-family housing for low and moderate-income families by using tax credits to leverage private equity investment in these properties. Depot & Main Apartments is financed through the allocation of Low-Income Housing Tax Credits (LIHTC) by New Hampshire Housing that were purchased by RBC (Royal Bank of Canada), as well as tax-exempt bonds issued by NH Housing, and Community Development Block Grant (CDBG) funds administered by the New Hampshire Community Development Finance Authority (CDFA).
This development is brand new construction featuring studio, one, and two-bedroom apartments complete with new appliances, flooring, paint, kitchens, baths and energy efficient windows and insulation. There is also a solar-powered back-up generator ready to service the property in emergencies. Other features include plenty of parking, an outdoor pedestrian plaza and playground, laundry on every floor, and most units include balconies with views.
"74 new units of housing means that 74 area families will have access to affordable rental housing," said Rob Dapice, Executive Director/CEO of New Hampshire Housing. “We know that New Hampshire’s workforce needs more of these kinds of opportunities, and we are happy to partner in this project.”
“The lease up has already begun and the property is over 50% leased. We expect full occupancy in February 2024,” said Chris Schleyer, Principal and Head of Property Management at Elm Grove. “The project is already proving to be a success and we are beyond thrilled to be able offer this new housing opportunity to the greater Salem area.” Depot and Main will serve residents earning 60% of area median income with rental rates between $1281 and $1647 with all utilities included. Prospective residents interested in applying can contact the Elm Grove leasing Office at (603) 836-4414.
In addition to affordability, the site at 41 Main Street provides easy access to nearby jobs, retail shopping, services, and transportation, and is in close proximity to the Tuscan Village development.
This development is a substantial undertaking with a total projected cost exceeding $20 million, encompassing construction, land, financing, and other soft costs. Behind the project is an established and experienced team including Development Consultant Steven Lewis, Lead Architect Burnell Johnson Architects, General Contractor Gary Chicoine Construction Company, and legal representation by Ken Viscarello's Affordable Housing Group at Sheehan Phinney.
Elm Grove Companies will host a ribbon cutting ceremony on January 19, 2024 at 10 a.m. at 41 Main Street, Salem, NH. Attendees will get a tour of the property and opportunity to view a model unit.
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