City officials are supporting the launch of an affordable housing trust fund, which is aimed to create more housing options in Nashua.
An aldermanic committee last week approved establishing the fund, as well as an initial $30,000 to kick off the initiative.
“The housing situation is critical in Nashua. We have a vacancy rate of less than 1 percent,” said Mayor Jim Donchess, saying that rent has gone up significantly, especially for studio and one-bedroom apartments.
A recent housing study determined that Nashua will need 4,769 more housing units by 2030, according to city officials.
“We want to do everything we can to increase the supply of housing in general, and particularly the supply of affordable housing,” said Donchess.
The aldermanic budget review committee voted unanimously to use $30,000 received from Nashua Plaza Housing Associates to jump start the fund.
Nashua Plaza Housing Associates provides annual payments of $10,000 to the city as part of an agreement involving two federal grants to construct the 350 apartment units at Clock Tower.
These contributions will be used as seed money. Other sources of revenue will be pursued to grow and sustain the fund, according to Sarah Marchant, community development director for the city.
“Affordable housing units are desperately needed … rent is rising substantially,” echoed Marchant, adding senior citizens and young professionals are competing for the same housing stock.
The fund could be used to create more affordable housing, preserve existing affordable housing units, create accessory dwelling units, provide gap financing for housing projects and establish public-private partnerships to encourage more housing opportunities, she said.“I think this is a very exciting first step here,” said Bob Keating, former director of the Nashua Soup Kitchen and Shelter.
Nashua’s population is expected to increase from about 87,000 residents to a projected 96,000 residents by 2030, according to a new housing study by RKG Associates.
The full Board of Aldermen still need to vote on the new fund.
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April 12, 2021 at 06:30AM
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Nashua officials back creation of affordable housing fund - The Union Leader
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