Maggie Hassan

FOR IMMEDIATE RELEASE
Thursday, January 17, 2008
Contact: Senator Betsi DeVries (603) 271-2104

SENATE PASSES AFFORDABLE HOUSING LEGISLATION

CONCORD - The Senate passed legislation today designed to help certain agencies that provide affordable housing in New Hampshire.

The goal of Senate Bill 199 sponsored by Senator Betsi DeVries (D-Manchester) is to assist certain agencies and developers who provide rent-restricted housing to New Hampshire workers and families but who must pay property taxes based on the market value, which assumes the property brings in market-value rents.

The legislation would require assessors to look at the actual income potential for certain affordable rental properties instead of the higher market rate.

"It is in the best interest of New Hampshire to encourage private investment in solving the affordable housing issues. If we're going to succeed in expanding our stock of affordable housing, it has to be a public-private partnership," DeVries said.

Any qualifying property would be required to have a deed restriction that ensures rents remain permanently affordable and would have to be financed through federal tax credits.

"This is a narrow group of properties," DeVries said. It would apply to about 14 properties in Manchester, including several run by Families in Transition, she said. Families in Transition provides transitional housing and support for homeless individuals and families in Manchester and Concord.

"Both businesses and families know how difficult it is to find decent and reasonably-priced housing," said Senate President Sylvia Larsen (D-Concord), who serves on the board for Families in Transition. "This bill makes sense to help meet that critical need."

Senate co-sponsors include Deborah Reynolds, Harold Janeway, Maggie Hassan, Martha Fuller Clark, Jacalyn Cilley and Peter Burling.

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