September 23, 2022

WE'RE GONNA NEED TO IMPORT MORE BUILDERS:

$9M fund created to boost Upper Valley housing, backed by area employers (NORA DOYLE-BURR, 9/23/22, Valley News)

WEST LEBANON -- Nonprofit housing finance organization Evernorth announced the creation of an $8.95 million workforce housing loan fund for the Upper Valley in a Thursday news release.

The Upper Valley Loan Fund, supported by eight Upper Valley employers, is slated to yield as many as 260 additional rental homes in the region over the next two or three years. Of the new units, 243, or 94%, are to be affordable to people earning between $13 and $25 per hour.

"The bottom line is that the workforce cannot find an affordable place to live in the Upper Valley," Deb Flannery, vice president of lending at Evernorth, said in the release. [...]

The initial fund, capitalized with investments from Bar Harbor Bank, Citizens Bank, Dartmouth College, Dartmouth Health, Hanover Co-op Food Stores, Hypertherm, King Arthur Baking and Mascoma Bank, is expected to leverage about $67 million in additional public and private financing to increase the rate of production of workforce housing.

It's a virtuous loop.

Posted by at September 23, 2022 6:53 AM

  

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