MANCHESTER, N.H. , Dec. 4, 2023 /PRNewswire/ — Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground on the future site of The Residences at Chestnut, an affordable housing development in Manchester, during a ceremony with community leaders and financing partners.

“Lincoln Avenue Communities is committed to building high-quality, resilient properties that create long-term access to affordable housing in communities across the country,” said Thom Amdur, LAC Senior Vice President, Policy & Impact. “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.”

The 142-unit property represents LAC’s first new construction deal in New Hampshire, which is facing a statewide affordable housing crisis. The Residences at Chestnut will include two apartment buildings, with 106 combined units restricted to households earning less than 60 percent of the area median income (AMI); 36 units will receive project-based vouchers, with 30 of those units set aside for veterans and their families.

“This development will add 142 units of much-needed affordable housing in Manchester, where high-quality homes remain out of reach for many residents,” said Scott Shaw, LAC Vice President & Regional Project Partner. “We’re especially proud to support veterans and their families who face unique barriers to finding attainable housing.”

Construction of The Residences is expected to finish in 2025. The property will include an underbuilding parking garage, roof deck, fitness center, bike storage and other community amenities.

The groundbreaking ceremony featured remarks from Manchester Mayor Joyce Craig and representatives from the New Hampshire Housing Finance Authority, Families in Transition, Manchester VA Medical Center and the offices of New Hampshire’s congressional delegation, among others. Following remarks, LAC formally broke ground on a section of the property to mark the beginning of construction.

About LAC: Lincoln Avenue Communities (LAC) is one of the nation’s fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. A subsidiary of Lincoln Avenue Capital, LAC is a mission-driven organization with a presence in 26 states and a portfolio of 120 properties comprising 22,000+ units.

SOURCE Lincoln Avenue Communities