FUNDS AVAILABLE: InvestNH Application Deadline Approaching September 2

A chance to secure a portion of New Hampshire’s $100 million InvestNH housing fund – an initiative to expand and rebuild affordable housing developments in the Granite state – is coming to a close on Friday, September 2.

The Capital Grant Program, a $60 million portion of the InvestNH fund, will be used to support affordable multifamily rental housing for individuals at or below 80% of area median income (AMI), with $10 million of those funds for New Hampshire Housing Finance Authority programming. Projects of this kind often experience the need for a final tranche of funding to complete construction. With InvestNH, funding is designed to be flexible, allowing eligible projects to receive aid quickly so construction can proceed without delays.

Applications for the Capital Grant program are open until Friday, September 2.

The remaining $40 million will be assigned to three sectors: municipalities, demolition and planning, and zoning. Here’s a breakdown:

• Municipal funding ($30 million) will establish a per-unit "bonus" payment to municipalities for multifamily developments that have received all required municipal permits necessary to begin construction within six months of initial application.
• Grants for dilapidated building demolition ($5 million) will allow communities to redevelop old and unusable buildings.
• Planning / zoning grants ($5 million) will enable updated planning and zoning regulations to improve and expand the housing stock.

Applications for this portion of the fund are open, but do not have a hard deadline.

For more information on eligibility and how to apply, visit: www.invest603.com.