Amid a continuing shortage of affordable housing in the state, Cambridge Trust and New Hampshire Housing announced a commitment of up to $30 million to finance affordable housing construction in the Granite State.
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.
“Cambridge Trust has a long-standing commitment to building better futures for the communities we serve,” said Denis K. Sheahan, President and CEO of Cambridge Trust. “This announcement recognizes the lack of affordable housing as one of the greatest challenges for New Hampshire residents and our belief that one of the critical solutions to the crisis is the increase in supply of housing stock in the state. We are proud to partner with New Hampshire Housing to advance this goal.”
Cambridge Trust’s commitment comes at a time when New Hampshire is facing its 14th straight year of increasing rents and extremely low vacancy rates. In making this commitment, Cambridge Trust will support New Hampshire Housing’s mission to finance affordable rental properties. Last year, NH Housing financed 32 multifamily developments that will soon provide an additional 1,800 units of affordable and workforce housing around New Hampshire.
“We are looking forward to this partnership with Cambridge Trust,” said Rob Dapice, Executive Director and CEO, of New Hampshire Housing. “These funds will be an important resource allowing us to offer our developer partners long-term multifamily housing loans at competitive rates.”