Funding Secured for Rehab of Harvey Heights Ashland
We are pleased to announce that a major renovation of our Harvey Heights Ashland property (formerly Ledgewood Estates) is scheduled to start in the spring. The $4 million rehabilitation project will bring Harvey Heights Ashland up to our healthy housing standards by improving life safety systems, indoor air quality, accessibility, and energy efficiency.
Two years ago, LRCD acquired Ledgewood Estates in Ashland and Deer Run Apartments in Meredith. Both properties were developed in the 1970s using USDA Rural Development financing. LRCD combined the two properties into one during the transaction in order to make the financing work with USDA. LRCD renamed the properties Harvey Heights at that time, in honor of our founding Executive Director Linda Harvey.
LRCD purchased Harvey Heights in order to prevent the loss of 65 units of affordable multi-family housing from the local housing stock and to bring both properties up to our healthy housing standards. Had LRCD not purchased the properties, the USDA mortgages would have been paid off and the Rural Development rental assistance lost. This would have resulted in all 65 units going to market rate rent, which would have displaced 65 low-income households.
Both properties are in desperate need of rehabilitation, but due to serious funding constraints in New Hampshire for the rehabilitation of older affordable housing stock, LRCD will phase the rehabilitation. Phase I is the rehabilitation of the 40-unit Ashland property.
The largest source of funding for Phase I is the federal Low Income Housing Tax Credit (LIHTC), which is administered by NH Housing. LRCD also received $605,000 in HOME funds from NH Housing, a $500,000 Community Development Block Grant from NH Community Development Finance Authority, and a $350,000 Affordable Housing Program Grant from Federal Home Loan Bank of Boston.
GVK III Gets Official Passive House Certification
Earlier this month, we were notified by Passive House Institute US (PHIUS) that Gilford Village Knolls III is officially the first multi-family building in New Hampshire to be Passive House certified. Passive House buildings on average use 86% less energy for heating and 46% less for cooling than buildings constructed to regular code. In addition to meeting this rigorous energy efficiency standard, we also installed an 86.4kW solar array on the roof. This means that GVKIII will produce more energy than it uses. This is great for the low-income seniors who live there because it means they won’t have to worry about rising energy costs eating away at their fixed incomes.
Avery Hill Solar Project is Complete
The installation of a 72.32 kW solar system at our Avery Hill development in Laconia was completed last month. Avery Hill is a cluster of duplexes on Grove Street and Lougee Court near the LRGHealthcare campus in Laconia. It was the first property that LRCD redeveloped back in the early 1990s. The Avery Hill solar system eliminates electric bills for 12 apartments at Avery Hill. This ensures that total housing and utility costs at Avery Hill will remain affordable well into the future.
Ways to Give - IRA Charitable Contribution
You have the power to change the lives of hundreds of families in the Lakes Region by supporting the work we do. You may be able to increase your charitable gift to Lakes Region Community Developers by giving in a new way.
Annual withdrawals from your IRA are required after age 70 ½, and the penalty for skipping a required minimum distribution can be significant. However, if you are in the fortunate position of not needing your distribution for living expenses, you may avoid paying income tax on your required withdrawal by donating it to a charitable organization like Lakes Region Community Developers. This may also help you avoid or reduce the taxes that you have to pay on your social security income. Consult with your financial advisor or accountant to determine if making an IRA charitable contribution could be beneficial to you.
Green Tip - Sustainable Holidays
As a NeighborWorks America Green Designated Organization we have incorporated green practices across all lines of business. As an organization it is important to us that we remain steadfast stewards of our precious resources and inspire our neighbors to see the value and ease of incorporating green practices into their lives. We hope you enjoy our monthly Green Tip.
When you make sustainable holiday choices you save energy and resources and you protect the environment for both now and for the future.
Consider these statistics: