INCREASED ANNUAL CONTRIBUTIONS TO THE AFFORDABLE HOUSING FUND

  • SB 454 proposes increasing support to the NH Affordable Housing Fund by increasing the annual contribution from the real estate transfer tax from $5 million to $10 million.
  • The residents and businesses of New Hampshire are facing a severe shortage of affordable housing.
  • Housing is now considered the number one issue for Granite Staters.
  • NH is among the highest in the country for housing production needs.
  • The NH Affordable Housing Fund was created by the legislature in 1988 specifically to provide below market rate loans and grants to finance the development of long term affordable housing.
  • Both for-profit and nonprofit developers are eligible for AHF financing.
  • The annual allocation from the real estate transfer tax was passed in 2019 with bipartisan support.
  • Increasing the annual allocation does NOT involve any additional taxes or fees to real estate transactions.
  • There is strong support for directing more of the resources generated from real estate transactions to addressing the need for increasing the supply of affordable housing for Granite Staters.