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New Hampshire Housing details use of state gap financing and lead-hazard fund to clear units and leverage federal credits
Summary
New Hampshire Housing explained how state appropriations to the Affordable Housing Trust Fund and a state-administered lead hazard remediation fund are used to leverage federal tax credits and clear lead hazards in occupied homes, while noting the agency——s independent corporate structure and limited use of state operating dollars.
Executive director Rob Dappas told the Finance – Division I committee that New Hampshire Housing acts like other state housing finance agencies nationwide: it is created by state law but operates as a separate corporate entity and its debt is not the state——s debt.
The distinction matters because New Hampshire Housing typically finances multifamily affordable rental projects using a mix of federal resources (like tax-exempt bonds and low-income housing tax credits) and state gap financing from the Affordable Housing Trust Fund. "We finance multifamily affordable rental housing projects through a number of means, and that includes both sort of federal and state resources," Dappas said. He described the federal tax credits as paying for a substantial but partial portion of project costs and the state fund as filling the remaining gap so projects "pencil out."
Why it matters: state gap dollars are small relative to total…
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