CATCH Neighborhood Housing acquires land for housing expansion in Bow
CATCH Neighborhood Housing has moved a step closer to breaking ground on a $2.88 million expansion of low-income housing in Bow.
The nonprofit housing group obtained development rights Wednesday for the remaining 16 units of a planned 36-unit housing community on Bow Bog Road, called Bow Highlands. All but $188,000 of the transaction’s $935,000 cost was covered by state tax credits, said CATCH President Rosemary Heard. The $188,000 came from conventional loans.
The organization failed last year in an effort to partially pay for the expansion itself through federal low-income tax credits. Heard said she hoped owning development rights to the site would improve CATCH’s chances of obtaining that assistance this year.
If financing comes together, the group could start construction as early as next spring, Heard said.
The expansion would include 16 two-bedroom apartments. Rent on the units would range from $876 to $965.
A separate developer, Peter Tighe, began construction on the housing community in 2006. But the project stalled during the recession after just six units had been completed, and CATCH eventually took over, completing 20 additional units in 2011. The overall development operates as a collective, meaning CATCH and the developers of the remaining six units share ownership of the land.
Heard said there had been a question at one point whether Tighe would undertake the planned expansion, but it never materialized. CATCH purchased the development rights from him.
Bow Highlands is CATCH’s first housing development outside of Concord. Heard said she hopes the group can build others in communities throughout Merrimack County.