The Hooksett Economic Development Advisory Committee meeting on December 18, 2024, spotlighted the challenges facing workforce housing initiatives in the area. A key discussion point was the conversion of an office building to residential use, particularly at 2 College Park Drive, which falls under the Village District and the 79 E statute aimed at preserving historic structures.

Committee members expressed skepticism about the viability of workforce housing, with one member stating, "workforce housing is dead." They highlighted that while the concept is appealing, it has not been successful in practice. The discussion revealed that the current framework for workforce housing often leads to financial losses for landlords, as rental rates are capped based on New Hampshire housing assistance guidelines. For instance, a two-bedroom unit might be capped at $1,300, but after accounting for heating and utility costs, the effective rent could drop to around $800, making it unprofitable for landlords.

The committee acknowledged that while the idea of workforce housing is commendable, it requires significant adjustments to be feasible. Suggestions included exploring alternative models, such as low-income tax credit deals, which may offer better financial outcomes. The conversation underscored the need for a reevaluation of policies to ensure that workforce housing can be a viable option for both developers and the community.

As Hooksett navigates these challenges, the committee's insights may pave the way for future discussions on how to effectively implement housing solutions that meet the needs of residents while remaining economically sustainable.