Mascoma Bank and its community development lending group is pleased to announce that it has provided $1,950,000 of permanent funding for the newly constructed Heater Landing Apartments (Heater Landing LP).
Additional permanent funding was provided by Evernorth’s Low-Income Housing Tax Credit (LIHTC) equity fund, Housing New England Fund III.
The Heater Landing Apartments consist of 44 units of perpetually affordable housing, located in Lebanon, New Hampshire. Lebanon Housing Authority (LHA) is the developer and sponsor of the project. Construction financing was provided by New Hampshire Housing Finance Authority (NHFFA). LHA fully leased all 44 units within three months of its completion in September 2022.
Mascoma Bank President and CEO Clay Adams said, “The need for affordable workforce housing in the Upper Valley is significant. We are pleased our community development lending group could provide funding, in conjunction of the Low-Income Housing Tax Credit program, to ensure that Heater Landing can remain affordable, making another step towards an inclusive economy where people can afford to live and work in the same community.”
Heater Landing includes 30 one-bedroom units, 11 two-bedroom units, and 3 three-bedroom units in a newly constructed energy efficient building that is well-located in the city of Lebanon, near Dartmouth-Hitchcock Medical Center and Lebanon High School, in a community with a variety of major small and large employers. The site is accessible by public transportation, has excellent access to the regional highway system, and is within a short driving distance of a broad range of services.
Ditha Alonso, LHA Executive Director, shared, “This Agency is proud to have partnered with Mascoma Bank as well as the New Hampshire Housing Finance Authority, Evernorth, and the Jack & Dorothy Byrne Foundation to develop affordable housing in our community. Heater Landing provides stability, convenience, and security for working families in the Upper Valley.”
Lebanon Housing Authority (LHA) provides property management services to Heater Landing. There is also a part-time Resident Service Coordinator who helps residents make connections with community services. Amenities include an elevator, a laundry room on each floor, and a 720-square foot resident community room with business center, wi-fi access, and kitchenette for events. LHA also plans to offer, at no additional cost to residents:
Health care services through Visiting Nurse and Hospice for Vermont and New Hampshire
- Budgeting workshops and credit counseling in partnership with Mascoma Bank
- Access to free public bus transportation at the front door by Advance Transit
- Weekly deliveries of fresh produce and groceries from Willing Hands of Norwich, Vermont.
“Building Heater Landing was an incredible undertaking by Lebanon Housing Authority,” said Dick Jennings, SVP Commercial Loan Officer and Manager of the community development lending group at Mascoma Bank. “This was a difficult time to complete a project like this with constrained supply chains and high construction costs, but it will be highly impactful to the Lebanon community. We are appreciative of the opportunity to provide financing for this much-needed housing.”
LHA, as a Public Housing Agency, supports and assists the welfare and social needs of residents to promote residents’ engagement within their housing communities. It strives to operate a socially and financially sound organization that is fiscally responsible, diligent, and judicious. The Agency is dedicated to energy efficiency and sustainability. LHA consists of four public housing developments totaling 166 units, including Romano Place in Lebanon, a 16-unit LIHTC development reported at 100% occupancy. LHA also administers the Housing Choice Voucher program with 163 Section 8 vouchers helping families secure and afford privately owned rental housing in the community of Lebanon.
The Federal LIHTC program encourages the development, acquisition, and rehabilitation of affordable rental housing. As an investor in Evernorth’s LIHTC Housing New England, Funds I, II, and III, Mascoma Bank helps to provide federal tax credit equity to fund affordable rental-housing properties for low-income households, meeting community credit needs and creating positive change for its customers, communities, and employees.