American real estate developer Lincoln Avenue Communities (LAC) has broken ground on a new affordable housing project in Manchester, New Hampshire, US.
The project, named The Residences at Chestnut, will feature 142 units and is said to be LAC’s first project in New Hampshire.
This property will include an underground parking garage, roof deck, fitness centre, and bike storage, among other community amenities.
New Hampshire is experiencing a statewide affordable housing problem, according to the company.
LAC Policy & Impact senior vice-president Thom Amdur said: “Lincoln Avenue Communities is committed to building high-quality, resilient properties that create long-term access to affordable housing in communities across the country.
“The Residences at Chestnut represents our first ground-up development in New Hampshire, and we’re grateful to our public and private partners who helped make this deal possible.”
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The Residences at Chestnut will consist of two apartment buildings, with a total of 106 apartments earmarked to households earning less than 60% of the area median income and the remaining 36 units to receive project-based vouchers, with 30 of those units reserved for veterans and their families.
LAC vice-president and regional project partner Scott Shaw said: “This development will add 142 units of much-needed affordable housing in Manchester, where high-quality homes remain out of reach for many residents.
“We’re especially proud to support veterans and their families who face unique barriers to finding attainable housing.”
Construction works are anticipated to be completed in 2025.
Last month, LAC began construction of a new affordable housing project in Reno, Nevada, US. The project, named Pinyon Apartments, will feature 252 apartment units to cater to lower-income families.