Kuster Celebrates Pine Tree Lane Announcement in Lebanon
West Lebanon, NH – Today, Congresswoman Annie Kuster (NH02) joined with federal officials and Upper Valley housing providers to announce the acquisition of the Pine Tree Lane apartments and the continuation of affordable housing subsidies for local residents.
Earlier this year, residents of Pine Tree Lane, a 50-unit affordable housing complex, learned that, starting in 2016, their homes would no longer qualify for federal rent subsidies through the USDA-Rural Development Section 515 housing program. The subsidies were due to expire because the property mortgage had matured, leaving many residents at risk for losing their homes. But, with the assistance of Congresswoman Kuster and USDA-Rural Development, stakeholders arranged a sale of Pine Tree Lane to the Twin Pines Housing Trust, under which the majority of apartment units will continue to be subsidized. The sale formally went through this month.
“Here in New Hampshire and all across the country, affordable housing is a critical driver of economic development and a key component of our quality of life,” Kuster said. “I am beyond thrilled that federal officials and local developers came together to find a solution and support the residents of Pine Tree Lane, and I am fully committed to ensuring that our friends and neighbors all have access to safe and affordable housing. That is why I am proud to be working on legislation that will help support rural housing programs all across the country, and I urge my colleagues in Congress to come together and support federal affordable housing programs across the board.”
Following Pine Tree Lane, more than 11,500 housing complexes across the country are scheduled to mature over the next 10 years, including several in New Hampshire. This problem could impact hundreds of thousands of residents across the country. Congresswoman Kuster is currently developing legislation, the Rural Housing Preservation Act, to ensure that residents maintain affordable housing if the mortgage on the property in which they are living matures. The legislation will be introduced in the near future and is supported by Housing Action New Hampshire, the New England Housing Network, the National Low Income Housing Coalition, the National Housing Law Project, and the National Housing Trust.