Sugar River Mills
Sugar River Mills, a complex of converted mill buildings along the Sugar River, represents a highly valuable affordable housing asset to Claremont, New Hampshire and the surrounding area. Located just outside downtown Claremont, the property is one of the very few affordable rental properties in the area.
The property, which was built as a textile mill in the 1800s, was converted to housing in 1982 and includes 139 apartments for low-income seniors and 23 family-sized apartments. 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.
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 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.
POAH made several improvements to the building included elevators upgrades, replacement of the HVAC systems, building envelope upgrades, and new siding and roofing.
- New Hampshire Housing Finance Agency
- Prudential Social Investment Fund
- US Department of Housing and Urban Development (HUD)
Awards and Accolades
POAH received a $50,000 grant from the TD Charitable Foundation to fund the installation of a solar-thermal domestic hot water system, with an estimated savings of roughly 1,400 gallons of propane annually.