Press Releases

Kuster Discusses Upper Valley Loan Fund, Affordable Housing with Local Bank and Business Leaders

  • Upper Valley Loan Fund

Today, Congresswoman Annie Kuster (NH-02) hosted a roundtable conversation to discuss the Upper Valley Loan Fund with affordable housing advocates and leaders from local banks and businesses. Congresswoman Kuster has been holding regular conversations with Granite Staters across the Second Congressional District to discuss the lack of affordable, accessible housing and solutions to the housing supply shortage facing our communities. 

“The lack of affordable housing and workforce shortage go hand-in-hand, and the Upper Valley Loan Fund is a win for our state, our communities, and our local economy – especially our small businesses,” said Rep. Kuster. “This Loan Fund is an incredible asset for the Upper Valley, offering low-cost, flexible financing for projects that produce and preserve affordable rental housing in the region. Thank you to the local leaders who joined me today to discuss this exciting investment in our economy and Upper Valley communities – I will continue working to expand access to affordable housing and address this crisis.”

“The ability to attract and retain employees is directly related to the housing shortage here in the Upper Valley,” said Clayton Adams, President & CEO at Mascoma Bank. “This is why a number of areas larger employers collaborated with Evernorth to develop and invest capital in the Upper Valley Loan Fund. Without workers who have a place to live, the economy as we know it will cease to function effectively.”

“The business leaders who spearheaded the Upper Valley workforce housing initiative have set the gold standard for civic engagement on housing issues,” said Deborah Flannery, Vice President of Lending at Evernorth. “By committing long-term capital and championing policies and projects that address the region’s housing shortage they have extended an attractive invitation to developers, policymakers, and investors both public and private – all of whom are necessary to meet the housing challenges of the region.”

Rep. Kuster has led efforts in Congress to make American Rescue Plan funds available to help address the lack of affordable housing in New Hampshire and strengthen the affordable housing supply across the country. She worked with Republicans and Democrats and cosponsored the bipartisan LIFELINE Act, and Kuster was instrumental in getting the Treasury Department to unlock an additional $8 billion for affordable housing from the American Rescue Plan Act’s State and Local Fiscal Recovery Fund. 

The Upper Valley Loan Fund will offer low-cost, flexible financing for projects that will help to produce and preserve affordable rental housing in the community – especially near job centers, and with a focus on environmental sustainability. The Fund is $10 million in total with a 1.5% below-market interest rate for a term of 15 years. The Upper Valley Loan Fund will be used to construct 260 apartments, with 243 of them being affordable for Granite Staters earning between $13 and $25 per hour.