Easterseals NH secures funding for low-income, veteran housing project

FRANKLIN – Easterseals NH recently secured key financing for construction of an affordable housing complex for veterans on the 15-acre Daniel Webster Farm Campus. New Hampshire Housing awarded the project $7 million in federal low-income housing tax credits, which M&T Bank purchased. The bank has also provided a $3 million revolving line of credit for the project.

Low Income Housing Tax Credits are a federal program through which NH Housing will allocate credits to qualified affordable developments. The project developers, such as Easterseals NH, typically proceed to sell their awarded credits to banks to finance their developments.

“We are incredibly grateful to NH Housing for their belief of and financial support of our military and veterans campus,” said Maureen Beauregard, president and CEO of Easterseals NH & VT. “The Low-Income Housing Tax Credit Program offers incentives that make affordable housing projects truly come to fruition. M&T Bank has the capacity and unique ability to step up to utilize the tax credits and provide financing, which helped us move this project forward. Without the tax credit, there are not enough available subsidies or resources in our state to make this happen. This tax credit equity program is a true difference maker.”

The development will include 29 one- and two-bedroom rental units, which will be exclusively offered to tenants whose income is between 30% and 80% of the area median income.

“The Low-Income Housing Tax Credit program finances the majority of publicly funded workforce housing built in New Hampshire. LIHTC financing has added nearly $1 billion of investment in the state,” said Rob Dapice, executive director and CEO of New Hampshire Housing. “LIHTC funding is key to establishing the innovative housing and services that will be provided by the Easterseals NH Military & Veterans Campus.”

Easterseals held a ground breaking for the project in September 2023 where officials discussed converting existing buildings on the grounds to create housing units. While those were estimated to take about a year to complete, officials also hope another phase of construction will create a therapeutic recreational facility with indoor riding, a ropes course and rock climbing, with a military-themed playground for veterans’ children, an outdoor performance stage and possibly a swimming pool.

Additional funds must still be raised to complete the retreat center, build the multipurpose recreation building, military-themed playground, and outdoor performance stage.

“We’re proud to collaborate with organizations that have maximum impact on the communities they serve and there’s no organization that demonstrates that better than Easterseals New Hampshire,” said Tim Wade, New Hampshire regional president for M&T Bank. “Safe, affordable housing is vital to helping communities thrive and we’re proud to have worked with NH Housing to secure the tax credit financing needed to get this important project done for our nation’s heroes and their families.”