Londonderry Affordable Housing Plans Moving Forward

Posted by NH Real Estate Guide on May 10, 2014 in Blog, News | 0 comments

The approval process is progressing for developer’s plan to build a 240-unit workforce housing apartment complex near Exit 5 in Londonderry. The Union Leader reports:

During Wednesday night’s planning board meeting, the board granted several waivers for the proposed Wallace Farm project, to be located on a 25-acre parcel at 62 Perkins Road.

Among the requested waivers, the board unanimously approved the developer’s proposal to consolidate the lot with an adjacent 18-acre lot at 48 Perkins Road.

Once completed, the project would consist of ten three-story apartment buildings housing 24-units each. Under the workforce housing qualification, 120 of those apartments would need to remain “guaranteed affordable” for at least 40 years.

In order to rent apartments at “workforce housing” rates, a family’s income would need to fall within 60 percent of the area’s median income. Nashua attorney Thomas Leonard, who spoke at the meeting representing the developer, estimated monthly rent and utilities for those units would be approximately $1,300.

News Source: Union Leader

Image Credit: James Lee