Groundbreaking Ceremony Sets Precedent for Affordable Housing with Lincoln Avenue Communities in Manchester, New Hampshire
In a significant step towards addressing the affordable housing crisis in the state, Lincoln Avenue Communities (LAC), a mission-oriented acquirer and developer of affordable housing, recently held a groundbreaking ceremony for The Residences at Chestnut, a promising affordable housing development in Manchester, New Hampshire. Joined by a host of community leaders and financial partners, this marks a significant milestone for both the state and LAC, marking its first ground-up development in this region.
The commitment and vision that LAC carries are unmistakable. As expressed by Thom Amdur, LAC Senior Vice President – Policy and Impact, the company’s primary mission is to develop resilient, high-quality spaces that bring long-term access to affordable homes in communities throughout the nation. New Hampshire, in this case, was no exception as it grapples with an ongoing statewide housing emergency.
Integral to The Residences at Chestnut is an immense 142-unit property – their first construction initiative in New Hampshire. Designed to cater to the local community’s specific housing needs, the dual apartment buildings will comprise 106 units reserved for households with earnings below 60% of the area median income (AMI) and an additional 36 units receiving project-specific vouchers, 30 of which will be exclusively allocated for veterans and their families. This alignment is a testament to the dedication of companies like LAC to provide affordable housing solutions for other societal members who may find conventional housing options inaccessible, including our nation’s heroes – the veterans.
Scott Shaw, Vice President & Regional Project Partner for LAC, rightly stated the immense need for affordable high-quality homes in Manchester, acknowledging further the pronounced barriers that veterans and their families often encounter in their quest for feasible housing solutions.
The magnificent Chestnut property set for completion in 2025 boasts a plethora of benefits for residents beyond the essential provision of residence. The planned inclusion of an underbuilding parking garage, a roof deck, a fitness center, bike storage, and myriad other society amenities ensure a quality lifestyle for the dwellers beyond the mere essentials.
The event, graced by Manchester Mayor Joyce Craig, and representatives from various esteemed outfits including the New Hampshire Housing Finance Authority, Manchester VA Medical Center, Families in Transition, highlighted powerful partnerships coming together to battle the housing crisis. As LAC broke ground on the Chestnut site, the foundations for a new era of affordable housing were laid, and a sense of optimism permeated the air.
This project, therefore, serves to reinforce our collective conviction in the transformative power of collaboration in the world of multifamily housing, emphasizing the roles developers, financiers, public authorities, and the general community can play in addressing acute housing crises in any region.