Elm Grove Companies to break ground on $20 million, 52-unit workforce housing project in Rochester
NH real estate development firm, Elm Grove Companies, has started construction of The Rapids On Cocheco, an approved 52-unit workforce housing community at 29 Wadleigh Road in Rochester, NH. This will be the company’s 9th venture in the affordable housing arena with other affordable properties in the state totaling 430 apartments (completed and under construction).
Utilizing a relatively new income averaging program under the federal Low-Income Housing Tax Credit (LIHTC) program rules, these units will provide homes to families who earn between 20% and 80% of area median income (AMI).
The federal LIHTC program is an important public/private financing tool that encourages developers and investors to create affordable multi-family housing for low and moderate-income families by using tax credits to leverage private equity investment in these properties. The Rapids on Cocheco is financed through the allocation of Low-Income Housing Tax Credits (LIHTC) by New Hampshire Housing that were purchased by TD Bank through Redstone Equity Partners, as well as tax-exempt bonds issued by NH Housing. Additional capital subsidies and risk share enhancement to the tax exempt bonds were provided by NH Housing and the Department of Housing and Urban Development.
“The groundbreaking represents a significant milestone in the shared mission to confront the housing crisis,” said NH Housing CEO Rob Dapice. “This development brings us closer to meeting the housing needs of New Hampshire’s workforce and sets a precedent for future opportunities.”
“The market has continued to create a desperate need for affordable housing solutions for New Hampshire’s workforce,” said Matt Menning, Principal and Head of Operations at Elm Grove. “This is our ninth project in the space, and we are proud to be leading the industry in pursuit of new housing opportunities for our local communities. The teams at Redstone Equity Partners, TD Bank and NH Housing have been true partners in bringing this project to fruition.”
The project will be energy efficient, built with Energy Star standards and Passive House concepts, including rooftop solar arrays. Amenities will include a playground, patio, dog park, picnic area, controlled access, community room, laundry, and wireless internet service.
This development is a substantial undertaking with a total projected cost exceeding $20 million, encompassing construction, land, financing, and other soft costs. Behind the project is an established and experienced team including Lead Architect Burnell Johnson Architects, General Contractor Milestone Construction, and legal representation by Ken Viscarello’s Affordable Housing Group at Sheehan Phinney.
Elm Grove Companies will break ground at the end of this month and will host a ceremony on September 26, 2024 at 10 a.m. on location at 29 Wadleigh Rd. in Rochester, NH.
Karen Walsh achieves national recognition
Karen Walsh with Badger Peabody & Smith Realty has been awarded the Accredited Buyer’s Representative (ABR) designation by the Real Estate Buyer’s Agent Council (REBAC) of the National Association of Realtors (NAR).
Walsh joins more than 27,000 real estate professionals in North America who have earned the ABR designation. All were required to successfully complete a comprehensive course in buyer representation and an elective course focusing on a buyer representation specialty, both in addition to submitting documentation verifying professional experience.
Walsh said, “This two-day course highlighted the buyer representative role by learning how to target and identify specific needs and preferences of buyers, listening, and ensuring clarity in explaining the new buyer agency agreement relationship.
“We wrapped up the two-day course by learning effective communication skills and negotiation strategies by addressing a buyer’s wants and needs as well as seeing each transaction through the eyes of both parties – buyers and sellers. It is another tool in my toolbox to offer my future customers and clients, buyers and sellers, to reach their real estate goals seamlessly.”
Andy Smith, Broker/Owner of Badger Peabody & Smith Realty said, “Karen is a great agent and has a solid reputation with her buyers and sellers as she works to make their goals a reality. Karen brings her twenty plus years of experience to those she works with, she is a tremendous resource for them and for our firm.”
Walsh grew up in the Campton/Thornton area and began selling real estate in 2003. Walsh said, “I enjoy sharing with my clients and customers current market data and trends to ensure they will have an understanding of what they can expect in the real estate market.” Walsh is based in the firm’s Plymouth office at 620 Tenney Mountain Highway.
Couple scammed out of $500 deposit on rental house
After waiting 3 ½ years to get approval for a housing voucher, Kimberley Duguay got to work finding a new home for her and husband, Lyle Bergeron.
Since last December, he has suffered four heart attacks and the trek up three flights of stairs to their rented room in a four-room apartment is too much of a strain on him.
With a list in hand of available properties for rent, compiled by the Manchester Housing and Redevelopment Authority, Duguay, 40, found a two-bedroom house for rent at 428 Mast Road.
The contact was listed as Peter Maitland with a phone number of 703-410-6158. Duguay was in touch with him on a daily basis through texts and emails, but never in person. The $1,843 monthly rent was within the couple’s allotment although they had to pay utilities. Her MHRA case manager said she would talk to him about that.
“One red flag is he never returned her call,” Duguay said.
Still, Duguay and Belanger paid him $100 – $50 each for an application fee which covered a background check – and $400 for a holding fee, which was refundable and would go toward the security deposit once the lease was signed. The money was sent through an app.
The application was emailed to them, Duguay filled it out and sent it back. It was accepted and they received approval to rent the property from MHRA.
But they never toured the house in person and only saw it through online photos which revealed empty rooms. The “owner” put them off for a few days, saying he wasn’t a Realtor, and had things to do. The tour was set for Aug. 20, when they were to sign the lease and obtain the keys to the house.
That morning Duguay sent a series of texts to the number which turned out be in Viriginia, but received no response.
No one met them at the house. They peeked inside the windows and saw that someone was living there.
It was only then they realized they’d been scammed.
According to an online assessing database, Peter Maitland is the owner of the property. He purchased the two-bedroom home in February 2024 for $400,000. Manchester Ink Link went to the residence to talk with the owner on Monday but no one answered the door.
Duguay notified MHRA that day and, earlier this month, filed a theft report with the Manchester Police Department.
“The report has been assigned to our fraud detective and it is under investigation,” said Heather Hamel, public information officer, in an email.
“We are not aware of any other recent rental scams, however this type of scam is not new. Our advice is to not send money to anyone if you have not met with them and viewed the property in person.”
Duguay said MHRA updates its rental listings every two weeks. The one compiled after she notified MHRA she had been scammed carried this disclaimer:
“Do not send money for deposits, applications or holding fees unless you have physically visited the unit you are interested in renting. Do not pay via gift cards or Apple pay. Rental information is verified to the best of our ability, please be aware that scams do exist despite this. Persons using this list are encourage to do their own research.”
Ink Link reached out to Catherine Naczas, MHRA executive director, but as of our publication deadline, received no response.
Duguay says she thought everything was OK since MHRA was the one providing them with the listings. However, she said they were duped as well because all of the documents – the lease agreement, receipt for holding fee, etc. – appeared to be in order.
Duguay continued her search for a new place and again came across the 703-410-6158 number in another rental listing. She gave that information to police as well.
Since then, the couple has found another place to live but they are still out their $500. Police, Duguay said, told them it is unlikely they will ever recover the money.
Belanger, 52, said he is borrowing money from his elderly parents to try to cover the security deposit and other expenses. To help recoup the funds, they have established a GoFundMe. — Pat Grossmith, Manchester Ink Link
