Citizens provides $7.8 million construction loan for Goffstown affordable housing project
Aug. 20—PROVIDENCE, R.I. — Citizens announced today that its Community Development Group provided a $7.8 million construction loan to WV Owner LLC, whose sponsor is Dakota Partners, Inc. The loan provides financing for the construction of 42 new units of affordable housing on Arbor Circle in Goffstown, N.H.
Five of the units are reserved for tenants at or below 30 percent Area Median Income (AMI); six units are for tenants at 50 percent AMI; 20 units are for tenants at 60 percent AMI and 11 are market-rate units.
"This loan demonstrates Citizens' strong commitment to support affordable housing options for New Hampshire residents," said Joe Carelli, New Hampshire president, Citizens.
Citizens' Community Development Group is committed to improving the economic vitality of our communities and the financial acumen of our fellow citizens. The Group has committed more than $3 billion in loans and investments to support the development and rehabilitation of affordable housing units and economic revitalization activities in our communities. These efforts have resulted in more than 20,000 new or rehabilitated housing units and the development of more than 460,000 square feet of commercial space in low- and moderate-income communities served by Citizens. Through Citizens' Financial Education Community Ambassador program, more than 500 Community Ambassadors have delivered Financial Education sessions to more than 82,600 fellow citizens.
