Bridge Street project developers in Nashua to seek alternative financing
The Nashua City Planning Board approved the mixed-use development on a 10-acre site surrounding the Merrimack and Nashua rivers more than a year ago. Although full financing for the project has not been secured and a building permit has yet to be issued, the planning board reapproved the project earlier this month. Plans include four residential buildings that will offer 218 apartment units.
Aldermen approved the appraisal change on Tuesday.
The new housing — once completed — will yield about $350,000 in taxes each year to the city, according to Donchess.
That application for low-income housing tax credits will be submitted by the end of the month; however, there is a lot of competition for the tax credits, Porter said recently.
The city has owned the Bridge Street property since the 1940s. Previously, city officials entered into negotiations with Renaissance Downtowns to sell the property for redevelopment.
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