The New Hampshire Department of Business and Economic Affairs is inviting applications for its Capital Grant for affordable housing developers to fill funding gaps that have been caused by inflation, supply-chain constraints, and rising interest rates.
Donor Name: New Hampshire Department of Business and Economic Affairs
State: New Hampshire
County: All Counties
Type of Grant: Grant
Deadline: 09/02/2022
Size of the Grant: $10 million
Grant Duration: 18 months
Details:
Funding Information
- $50 million in funds provided by the Coronavirus State Fiscal Recovery Fund (SFRF) created under the American Rescue Plan which are designated to compensate for government revenue lost due to the COVID-19 pandemic.
- A minimum of $10 million of program funds will be designated for projects under 15 units and/or projects being developed by non-profit developers.
- The project must be substantially completed and the units ready for occupancy within 18 months of notice of approval of the award by the Executive Council.
Eligibility Criteria
Eligible projects include those that:
- Will offer units at rent costs that are affordable for the area, as defined by BEA
- Can show evidence that all permits required for construction are in place, at a minimum
- Will be substantially complete within 18 months of the award
- Will result in the construction of new units.
- Applicants who meet the following criteria are eligible to apply for funding through the Capital Grant Program:
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- The applicant is a responsible project developer and/or owner of a multifamily rental housing project.
- The applicant can demonstrate a shortfall in funds necessary to complete those projects.
- The completion of the project will result in a net increase in affordable workforce housing in the area.
- The applicant must be able to document committed equity or financing in the project equal to or greater than the funds requested.
- Construction must be underway, or the project must have all the necessary permits in place and be ready to build. Conditioned permits are allowed if the conditions are solely related to pending action by the State of New Hampshire.
- The applicant can show that the required number of units developed by the project were intended to be affordable despite the availability of this funding.
For more information, visit NHBEA.
