MERRIMACK — NeighborWorks Southern New Hampshire has secured $8.5 million in financing for its townhouse project along the Daniel Webster Highway.
Citizens Bank announced Wednesday that its Community Development Group is providing the loan to help pay for the construction of the 45 housing units in Merrimack. Work on the project began in July and is expected to be completed by October 2020.
“This project demonstrates Citizens’ strong commitment to supporting more housing options for New Hampshire residents,” Joe Carelli, New Hampshire president for Citizens Bank, said in a statement.
The project will be built on an 8-acre parcel of land at 315 Daniel Webster Highway. The parcel is currently owned by the Granite YMCA of Manchester.
The planning board granted final site plan approval in August 2018. Originally, NeighborWorks intended to build 65 units.
Now, however, the final plans include a maximum of 45 units that will be contained within nine buildings with five units each. The nine two-story townhome buildings will yield a total of 31 two-bedroom units and 14 three-bedroom units, according to a news release.
NeighborWorks has built about 500 housing units throughout the area — in Manchester, Nashua and nearly 30 other communities — since its inception in 1992.
The Community Development Group says it has committed more than $3 billion in loans and investments to support the development and rehabilitation of affordable housing and economic revitalization.
“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,” the company said.