FOR IMMEDIATE RELEASE                                                            Thursday, July 17, 2008

Contact: Senator Sylvia Larsen

(603) 271-2111

SENATORS CELEBRATE SIGNING OF WORKFORCE HOUSING BILLS

CONCORD – Senators celebrated today as Governor John Lynch signed into law three bills intended to encourage the development of more housing for workers and their families.

“What we’re aiming for is a better balance of choices in the housing market so families can find decent and affordable homes and apartments that will keep them living and working in New Hampshire,” said Senate President Sylvia Larsen (D-Concord), who has sponsored numerous housing-related bills over the past five years. “Our business leaders tell us this is essential to the continuing success of our state’s economy,” she said.

House Bill 1259 will make it easier for local communities to set up their own housing commissions and to create revolving funds to help build workforce housing.

House Bill 1442 includes a provision that will change how property taxes are assessed on subsidized housing developed using federal tax credits. Assessors will be asked to look at the rents that are actually collected instead of at market value rents in establishing a property’s value. Supporters say this approach is more fair and would encourage greater use of the federal tax credit program to expand housing options.

“Between $20 million and $25 million of private money is invested in New Hampshire each year through the federal tax credit program. It is our largest source of funds for affordable housing and this law should make the program even more attractive to private investors,” said Senator Betsi DeVries, (D-Manchester), the prime sponsor.

Senators also thanked Lynch for signing into law Senate Bill 342, which creates an expedited appeal process for developers of workforce housing, making it easier for them to resolve legal challenges.

“There is no argument that we need more affordable housing across the state. Senate Bill 342 puts into statute a significant tool for local developers to advance the creation of such housing,” said Senate Martha Fuller Clark (D-Portsmouth), prime sponsor of SB342.