American Community Capital Funds Lincoln Avenue Capital’s Residence at Chestnut

American Community Capital has provided a $2.9 million predevelopment loan to support Lincoln Avenue Capital on The Residences at Chestnut, an affordable housing project in Manchester, New Hampshire. Lincoln Avenue Capital is an experienced affordable housing developer, which owns and operates 81 properties consisting of 16,085 rental homes across 18 states.

Residence at Chestnut is slated to bring 142 affordable rental homes to the community, including 30 apartments that will be set aside for veterans who are homeless or at risk of homelessness. According to the National Low Income Housing Coalition, almost one-quarter of New Hampshire renters make 30% or less of the state’s median income, while homelessness has been growing in the state.

Lincoln Avenue Capital has worked with our parent organization, Boston Financial, on seven affordable housing communities to date, and the property manager, Maloney Properties, has worked with Boston Financial on 17 properties across northern New England.

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