74 affordable apartments to go up in Salem

·2 min read

Jul. 14—SALEM, N.H. — Workforce housing is being built at 41 Main Street beginning later this month.

The $20 million project led by Elm Grove Companies includes 74 units, named Depot and Main Apartments.

Every community in New Hampshire is required to provide reasonable opportunities for the development of affordable housing following the passage of a 2008 law.

"The market has created a desperate demand for affordable housing solutions for New Hampshire's workforce," said Matt Menning, principal and head of operations at Elm Grove. "We are thrilled to be leading this project and look forward to the new housing opportunities this will provide to our local communities."

The most recent annual report from New Hampshire Housing, published each June, says the vacancy rate for two-bedroom apartments is 0.6% statewide. A vacancy rate of 5% is considered a balanced market for tenants and landlords.

The report estimates that about 20,000 more housing units are needed to meet current demand and stabilize the market.

Elm Grove is touting the development's proximity — within eyesight — to jobs, shopping and services at Tuscan Village.

The project is estimated to be completed 18 months after ground is broken later this month.

Rent is based on what 60% of the area's median income is. A spokesperson for the company said that with current conditions, the range would be $1,300 to $1,400 for a 1-bedroom apartment.

Firm numbers are expected in a year.

A state-maintained directory of assisted housing shows six communities in Salem, five of which are senior housing with age requirements. That leaves 32 affordable units in town with a years-long wait list.

Behind the new project is an experienced team, including Development Consultant Steven Lewis, Lead Architect Burnell Johnson Architects and General Contractor Gary Chicoine Construction Company.