POAH - Preservation of Affordable Housing

The Preservation Challenge
Sugar River Mills represents a highly valuable asset to Claremont, New Hampshire and its surrounds. A complex of converted mill buildings along the Sugar River just outside downtown Claremont, the property is one of the very few affordable rental properties in the area. One source estimates that for every 100 extremely low income households in Sullivan County, only 42 affordable rental homes are available. Given its location, historic charm and excellent condition, Sugar River Mills could easily have been converted to market rents or even high-end condominiums when its owners decided to sell in 2006, a loss which would have significantly worsened the housing shortage in the area.

POAH’s Role
An investment fund from Prudential Insurance and the cooperation of the New Hampshire Housing Finance Agency allowed POAH to purchase Sugar River Mills and preserve its affordability. The property, which was built as a textile mill in the 1800's, was converted to housing in 1982. It includes 139 apartments for low-income elders and 23 family-sized apartments. The Sugar River Mills development has a project-based Section 8 contract from HUD which guarantees that qualified residents pay 30% of their household incomes for rent; because the contract is project-based, the subsidies remain with the site for future generations of seniors and families in need of affordable homes.

7 Heritage Drive Claremont, NH 03743 In Claremont and surrounding Sullivan County, there is a severe shortage of affordable rental housing. For every 100 extremely low income households (those earning 30% or less of area median income), only 42 rental homes are available. This heightened need underscored the importance of preserving Sugar River Mills when it was put up for sale in 2006.	Project Partners • New Hampshire Housing Finance Agency • Prudential Social Investment Fund • US Department of Housing and Urban Development (HUD) The Preservation Challenge Sugar River Mills represents a highly valuable asset to Claremont, New Hampshire and its surrounds. A complex of converted mill buildings along the Sugar River just outside downtown Claremont, the property is one of the very few affordable rental properties in the area. One source estimates that for every 100 extremely low income households in Sullivan County, only 42 affordable rental homes are available. Given its location, historic charm and excellent condition, Sugar River Mills could easily have been converted to market rents or even high-end condominiums when its owners decided to sell in 2006, a loss which would have significantly worsened the housing shortage in the area. POAH’s Role An investment fund from Prudential Insurance and the cooperation of the New Hampshire Housing Finance Agency allowed POAH to purchase Sugar River Mills and preserve its affordability. The property, which was built as a textile mill in the 1800's, was converted to housing in 1982. It includes 139 apartments for low-income elders and 23 family-sized apartments. The Sugar River Mills development has a project-based Section 8 contract from HUD which guarantees that qualified residents pay 30% of their household incomes for rent; because the contract is project-based, the subsidies remain with the site for future generations of seniors and families in need of affordable homes.
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