Concord Planning Board approves plan to build 48 apartments off Loudon Road
A three-story building with 48 apartments is set to be built on Sheep Davis Road. On Wednesday, the planning board granted major site approval to CATCH Neighborhood Housing’s latest proposal.
The building is a multi-family development that is located in the Gateway Performance District, just behind Walmart on Loudon Road. The units will be priced as affordable housing, according to Assistant City Planner Beth Fenstermacher.
CATCH Neighborhood Housing is a non-profit that has created affordable housing in Concord, Penacook, Bow and Franklin since the 1980s.
Affordable housing rates for the properties range from $869 to $1,859, according to Alliance Asset Management, the agency’s property management team. Rent fluctuates depending on the number of bedrooms.
Housing Choice Vouchers, commonly known as Section 8, and other forms of subsidies and rental assistance are accepted for these properties, but rent itself is not subsidized. Each property sets income limits for prospective renters to make sure tenants are in need of affordable housing.
CATCH’s latest project, Rosemary’s Way in Penacook, broke ground in June of 2021. The site has of 42 apartments across six buildings, with the development named in honor of the organization’s late founder, Rosemary Heard.
The construction plans come at a time of increasing need for more housing in Concord. The vacancy rate is below 1% across the state.
In Merrimack County, the median monthly gross rental cost for a 2 bedroom unit is $1,339 according to New Hampshire Housing’s June Housing Market Report. It has increased by 19.6% in the last 5 years.
The plan calls for a sidewalk to be constructed along the site and the construction timeline is still pending.
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