Jubilant groundbreaking touts the many benefits The Rapids will bring to Rochester

From left, Ignatius Maclellan of NH housing, State Senator Jim Gray, Mayor Paul Callaghan, gubernatorial candidate Kelly Ayotte, Newton Kershaw III and Matt Menning, principals at Elm Grove. A drone, left, records the event. (Rochester Voice photo)

ROCHESTER - City, state and Elm Grove Companies officials today celebrated the groundbreaking of The Rapids on Cocheco, a 52-unit affordable housing complex being built on Wadleigh Road in Rochester.
Construction on a parcel behind the Anchorage Inn began in August with framing to be finished in December. The housing complex is expected to be completed sometime next year.
Among those attending were Republican New Hampshire gubernatorial candidate Kelly Ayotte, as well as representatives of New Hampshire Congressman Chris Pappas and Sen. Maggie Hassan. Also on hand were state Senator Jim Gray and Rochester Mayor Paul Callaghan.
The rents at The Rapids will be governed by an income-averaging program under the federal Low-Income Housing Tax Credit rules. These units will provide homes to families earning between 20 percent and 80 percent of the area median income.
Chris Schleyer of Elm Grove Companies said today that rents will range from $500 a month to almost $2,000 depending on where apartment applicants stand within the average mean income of the area. He estimated that someone making just $20,000 a year might pay only $500 a month, while the average they expect they'll get for most apartments will be around $1,550 for a one-bedroom or $1,750 for a two-bedroom.
The program uses tax credits to draw private equity investment. The Rapids on Cocheco is financed through the allocation of LIHTC by New Hampshire Housing, with credits purchased by TD Bank through Redstone Equity Partners, and tax-exempt bonds issued by NH Housing. Additional capital subsidies and risk share enhancements to the tax-exempt bonds were provided by NH Housing and the Department of Housing and Urban Development.
"The market has continued to create a desperate need for affordable housing solutions for New Hampshire's workforce," said Matt Menning, principal and head of operations at Elm Grove Companies. "This is our ninth project in the space, and we are proud to be leading the industry in creating new housing opportunities for our local communities. The teams at Redstone Equity Partners, TD Bank, and NH Housing have been true partners in bringing this project to life."
The project will be energy efficient, built to Energy Star standards, and incorporating Passive House concepts, including rooftop solar arrays. Amenities will include a playground, patio, dog park, picnic area, controlled access, community room, laundry facilities, and wireless internet service.
Utilities will all be included in the rent.
Ayotte said the project was vital to New Hampshire because "we have to boost housing in this state, especially affordable housing."
Callaghan told the crowd of about 40 who were in attendance that when people move into The Rapids on Cocheco they will put a lot of money into the Rochester economy.

Gray added that "anyone who gets an apartment here will help to reduce the demand for other housing."
With a total projected cost exceeding $20 million, the development covers construction, land, financing, and other costs. The project team includes lead architect Burnell Johnson Architects, general contractor Milestone Construction, and legal representation from Ken Viscarello's Affordable Housing Group at Sheehan Phinney.