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Cambridge Trust Earmarks $30M for Affordable Housing Construction in New Hampshire
Cambridge, MA-based Cambridge Trust and New Hampshire Housing have made a commitment of up to $30 million to finance affordable housing construction in New Hampshire.
As part of the three-year agreement, Cambridge Trust will provide New Hampshire Housing with funds to finance the construction of rental housing, with a focus on supporting low- and moderate-income households and nonprofit developers in the communities that Cambridge Trust serves.
“This announcement recognizes the lack of affordable housing as one of the greatest challenges for NH residents and our belief that one of the critical solutions to the crisis is the increase in supply of housing stock in the state,” said Denis K. Sheahan, president and CEO of Cambridge Trust.
New Hampshire is facing its 14th straight year of increasing rents and extremely low vacancy rates. Last year, New Hampshire Housing financed 32 multifamily developments that will soon provide an additional 1,800 units of affordable and workforce housing around NH.
- ◦Development
