Southwestern Community Services is waiting on the approval of three major funding sources to determine the viability of a senior housing project on Main Street.
After securing the land and receiving approval from Jaffrey’s Planning Board, Keith Thibault of SCS said the remaining piece of the puzzle is ensuring his organization can pull in the $4.5 to $5 million needed to construct a 24-unit, three-story housing complex at the parking lot subdivided off the St. Patrick School land.
“This is a project that could be a catalyst for future development in town,” said Thibault. The three major funding sources for the project are a $500,000 Community Block Grant, $400,000 from the Federal Home Loan Bank of Boston, and a $4 million NH Housing tax credit, which would be spread out over 10 years. While Thibault said the project has many of the merits and defining features that look favorably in the applications, he won’t know until later this year whether funding is secured.
SCS will likely hear back in October about the block grant and tax credit, while the money from the Federal Home Loan Bank of Boston won’t be awarded until December.
“We would try to keep the project together [if the funding wasn’t approved,] but there are a number of factors,” said Thibault.
Should any of the funding sources not be approved, Thibault said the project would not be feasible.
He said SCS would work with the Diocese of Manchester to hold the project for another year, should a second attempt at submitting funding applications seem promising.
Should the project be approved, Thibault said construction would begin in May and take about a year.
“This is more than a housing project,” said Thibault. “This is a project that goes beyond housing to create a greater sense of community.”