New Hampshire eyes $100M for affordable housing | The Journal Record

CONCORD, N.H. – Some enterprise house owners struggling to rent staff are lining up behind Gov. Chris Sununu’s plan to make use of $100 million in federal funds to extend the state’s housing inventory.

Within the two months since Sununu introduced the initiative, the state’s unemployment price has fallen to 2.5% whereas the emptiness price for a two-bedroom house fell to below 1%. That’s been powerful on firms like Boyce Highlands, which makes architectural moldings in Harmony and just lately acquired a lumber firm in Brentwood.

“Our plan in 5 years is to double the scale of that operation, however with very restricted housing, it’s very troublesome to draw good high quality staff,” co-owner Brien Murphy mentioned at a information convention Wednesday.

Whereas New Hampshire is likely one of the area’s quickest rising states, the dearth of inexpensive housing continues to be an impediment, mentioned Taylor Caswell, commissioner of the Division of Enterprise and Financial Affairs.

“This program that we’re speaking about at present is a once-in-a-lifetime funding of $100 million right into a state of affairs that’s actually on the crux of our financial future,” he mentioned.

Half of the full would go to builders of multifamily tasks with at the very least 5 items, with desire given to tasks geared toward lower- and middle-income staff. One other $40 million would go to cities and cities, together with $30 million to encourage them to approve tasks rapidly. Cities would get $10,000 for every unit accepted inside six months of a allow utility, with a most grant of $1 million per neighborhood. One other $10 million would assist communities replace zoning laws or demolish vacant, dilapidated buildings. The fund could be paid for with federal American Rescue Plan cash that Sununu as soon as opposed.

Greater than $11 billion from the Coronavirus State and Native Fiscal Restoration Funds has been dedicated to housing-related packages nationwide, in accordance with the Heart on Finances and Coverage Priorities. Elsewhere, Massachusetts has allotted practically $600 million to inexpensive housing, Colorado lawmakers have proposed spending $400 million and Washington, D.C., has put aside $323 million.

Pending approval by the Legislature’s fiscal committee Friday, the aim is to extend the variety of housing items in New Hampshire by hundreds within the subsequent yr or so, Sununu mentioned. The appliance interval would open in June.