What's Happening?
Elm Grove Companies has commenced construction on Hale Crossing, a new 55-unit workforce housing community in Newport, NH. The project, developed in partnership with EGCON, utilizes the federal Low-Income
Housing Tax Credit (LIHTC) program to provide affordable housing options for residents earning between 20% and 80% of the Area Median Income. Hale Crossing is designed to Energy Star standards and incorporates Passive House principles, including rooftop solar arrays. The development represents Elm Grove's tenth venture in the affordable housing sector, contributing to a statewide portfolio of over 480 affordable units.
Why It's Important?
The construction of Hale Crossing addresses the urgent need for affordable housing in New Hampshire, providing essential living options for the state's workforce. By leveraging the LIHTC program, Elm Grove is able to attract private equity investment and create sustainable housing solutions. The project not only supports local communities but also sets a precedent for future developments in the region. As housing affordability remains a critical issue, initiatives like Hale Crossing play a vital role in strengthening community infrastructure and supporting economic growth.
