Federal Home Loan Bank of Boston Awards $1.6 Million to Laconia Housing in Support of Affordable Hou
Laconia, NH --The Federal Home Loan Bank of Boston (FHLBB) has awarded $1.6 million in grants, loans, and interest-rate subsidies to the Sunrise House project in downtown Laconia sponsored by Laconia Housing. The award will help to fund the Sunrise House project; a 16 unit, fully accessible housing development for seniors. The member bank submitting the application to FHLBB was Bank of New Hampshire headquartered in Laconia.
“Our goal with the Sunrise House Project is clear,” said Richard P. Weaver
Executive Director Laconia Housing – “ to make a significant investment in our downtown core, rehab a vacant and outdated commercial building, and offer housing complemented by the services that we already offer next door at Sunrise Towers. This project will provide seniors an opportunity to live a fulfilling life near services in the heart of New Hampshire.”
New Hampshire’s population of senior citizens is expected to double by 2025 and to address this demographic shift, communities have begun looking for ways to meet the changing needs of residents, including in-home personal care services, improved transportation, and housing without accessibility impediments.
The FHLBB funding is one of several sources necessary to support the acquisition and rehabilitation of a former downtown office building to create rental housing for an elderly population requiring supportive services in order to remain living independently. The rehabilitated building will include the installation of an elevator which will allow dwelling units on each floor to be fully accessible to residents and visitors. The lower floor will include laundry and common rooms.
“These types of affordable and accessible units are not readily available in our community,” Weaver said, “and we know that many families who have been here for generations might be forced to leave if they cannot find safe, well serviced housing for senior family members.”
The project will focus on energy-efficient improvements to reduce operating costs including exterior insulation and air sealing, high efficiency heating plant, and the possibility to install a photovoltaic array on the roof to provide additional power to the facility. All residents will benefit from economic empowerment services that will include daily meals, housekeeping, transportation, and personal care on an as needed basis.
The Bank of New Hampshire will provide construction financing for the project as well as permanent financing with an interest rate subsidized by the FHLBB. New Hampshire Housing Finance Authority (NHHFA) has previously reserved $1 million to the project through its Special Needs Program. The balance of the funding will be applied for through the federal Housing Trust Fund that is administered in New Hampshire by NHHFA. It is anticipated that construction would commence in the summer of 2018.
Laconia Housing has invested in the Lakes Region community for nearly 50 years – offering affordable housing and services to local residents – including seniors and working families. In addition to the housing Laconia Housing owns and manages, rental subsidies are provided to local landlords that allow income eligible residents to live in privately owned apartments. More information is available at: www.laconiahousing.org