The Fund will provide loans from $500,000 to $3,000,000 to developers who are developing projects with at least 20% of the units available to people earning 80% of the area median income or less. Preference is given to projects with a higher percentage of affordable units.
REDC has long recognized workforce housing development as an integral part of New Hampshire’s economic needs through its work writing and publishing the annual Comprehensive Economic Development Strategy (CEDS) and partnering with the Workforce Housing Coalition of the Greater Seacoast in the past by holding housing charrettes. REDC has worked with various developers for many years on commercial and residential mixed-use properties, and has already assisted with creating more affordable housing.
In 2024, the REDC board of directors engaged in strategic planning and developed a housing loan program that could meet the needs of developers and workers seeking affordable housing. The Building Roots Home Fund was launched and has its first offer of financing issued for a project scheduled to break ground this spring.
“New Hampshire’s shortage of diverse rental and for-sale housing poses a significant challenge to retaining and attracting a skilled workforce,” said Laurel Adams, president of REDC. “Housing is a complex issue with many hurdles, but through this new loan product, we’re committed to ensuring that access to capital is not one of them. Our goal is to empower developers to bring much-needed housing options to communities across the state.”
New Hampshire Housing, the state’s housing finance authority, estimated in 2023 that New Hampshire needed 23,500 more housing units to meet demand, and 90,000 more units by 2040.
To apply for a Building Roots Home Fund, interested developers can reach out to laurel@redc.com.
