(Concord and Durham, N.H.) – The New Hampshire Community Development Finance Authority (CDFA) announced today it has awarded $500,000 in Community Development Block Grant (CDBG) funds to the Town of Durham to support the building of a new assisted living facility which will create twenty-five new full-time jobs. The distribution of funds was approved by Governor Hassan and the Executive Council on May 4.
The Town of Durham requested the funds on behalf of the Strafford Economic Development Corporation (SEDC) to provide a loan to Harmony on the Bay, LLC (dba Harmony Homes). The loan will assist Harmony Homes in acquiring the necessary property to build a new, 60-bed assisted living facility which will provide affordable memory care to its residents. The development of the new facility will result in twenty-five new full-time jobs, fifteen of which will be available to low- and moderate-income individuals.
“This is one more example of how the CDBG program, through the careful stewardship of the NH CDFA, steps up to the plate with a critical injection of funds to make a super project like Harmony Homes come to fruition. The Town of Durham has worked long and hard to locate and secure an appropriate project for this great site. Now, they have it. Without CDBG, this project doesn’t happen,” said Dennis McCann, Executive Director of SEDC.
“Providing support to New Hampshire businesses like Harmony Homes through the Strafford Economic Development Corporation results in a significant impact on the local economy,” stated Taylor Caswell, Executive Director, CDFA. “In addition to delivering essential and affordable assisted living services to the Seacoast, the new facility will bolster the local job market with full-time positions that offer important benefits and training.”
The Community Development Block Grant program is a federal program which provides financial assistance to municipalities for projects that benefit low-to-moderate income residents. Administered in New Hampshire by CDFA, awards are provided for affordable housing, public services, job creation and workforce training initiatives, as well as planning and emergency relief.
To learn more about CDFA, its impact on New Hampshire communities, and available funding resources, visit www.nhcdfa.org.
CDFA is a statewide nonprofit public authority focused on maximizing the value and impact of community and economic development programs in New Hampshire through its own programs and those of its partners through the scaling and leveraging of its own financial and technical resources. CDFA’s assets under management exceed $25 million annually. Those resources include competitive deployment of grants, direct debt, and equity; highlighted by state tax credits, federal Community Development Block Grant resources, Neighborhood Stabilization, and multiple clean energy and efficiency finance products via the CDFA Clean Energy Fund. For more information about CDFA and its programs visit www.nhcdfa.org or call 603-226-2170.
The Executive Committee will meet Tuesday
The Credit Committee will meet Tuesday
The Community Development Advisory Committee will meet Thursday
The CDFA Board of Directors will meet Tuesday
The Finance Committee will meet Tuesday