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Financial Resources of Homebuyers and Renters Home Sale Prices in Nashua, 2010-2019 source: mis 2010- 1
2019

Comparison of Existing Home Sales to New Home Sales
Source: MLS 2010-2019

$450,000

$400,000

$350,000

$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0

2010 20114 2012 2013 2014 2015 2016 2017 2018 2019

MLS Sale Price Range

Less than $200,000
$200,001 - $275,000
$275,001 - $350,000
GED $350,001 - $500,000
GERD More than $500,000

g Existing Single Family New Single Family

Downtown Nashua

RENTER
HOUSEHOLDS
ARE MORE
PREVALENT
DOWNTOWN THAN
ELSEWHERE IN
THE CITY.

Percent Renter Households, 2018 source: acs 2018

Nashua River

% Renter Households
0% - 23%

24% - 49%

GED 50% - 74%

GERD 75% - 95%

ASSOCIATES INC

Downtown Nashua

MEDIAN INCOME
IN THE
DOWNTOWN IS
LOW COMPARED
TO THE REST OF
THE CITY.

Median Household Income, 2018 source: acs 2018

Nashua River

ae --

am

---7

ASSOCIATES INC

Median HH Income

GED S0 - $44,000
GED $44,001 - $71,000
GED $71,001 - $96,500

Starting the Housing Trust Fund

$30,000 initial deposit from the
Nashua Plaza Housing
Associates

$10,000 annual payment from
Nashua Plaza Housing
Associates and potential future
termination fee

Program to be managed by Urban
Programs Department (UPD)

Next Step: Focus on identifying
and developing additional revenue
sources as outlined in Housing
Study

Next Step: An assessment
understand and create a more
detailed structure and
administration plan for fund over
next one to two years

ASSOCIATES INC

Sarah Marchant, AICP
Community Development Director
marchants@nashuanh.gov

RK Housing study for the City of Nashua, New

Hampshire
November 2020

ASSOCIATES INC

SPECIAL BOARD OF ALDERMEN
APRIL 8, 2021
7:00 PM

Join Zoom Meeting: https://us02web.zoom.us/j/89388820492? pwd=c 1 R2NU FvdU9QUEIP Y0gzaytrd IJEZ 209
Meeting ID: 893 8882 0492 Passcode: 264334

Join by telephone: 1-929-205-6099
Meeting ID: 893 8882 0492 Passcode: 264334

If for some reason you cannot connect to Zoom, please contact us at (603) 821-2049 and they will help you
with connectivity. The public may also view the meeting via Channel 16.

PRESIDENT LORI WILSHIRE CALLS ASSEMBLY TO ORDER

PRAYER OFFERED BY CITY CLERK SUSAN K. LOVERING
PLEDGE TO THE FLAG LED BY ALDERMAN-AT-LARGE BRANDON MICHAEL LAWS
ROLL CALL
PUBLIC HEARING
R-21-118

ESTABLISHING A HOUSING EXPENDABLE TRUST FUND FUNDED BY
APPROPRIATIONS AND MAKING A SUPPLEMENTAL APPROPRIATION OF $30,000
INTO THE EXPENDABLE TRUST FUND

Testimony in Favor

Testimony in Opposition

Testimony in Favor

Testimony in Opposition

ADJOURNMENT

R-21-118

RESOLUTION

ESTABLISHING A HOUSING EXPENDABLE TRUST FUND FUNDED BY
APPROPRIATIONS AND MAKING A SUPPLEMENTAL APPROPRIATION OF
$30,000 INTO THE EXPENDABLE TRUST FUND

CITY OF NASHUA

In the Year Two Thousand and Twenty-One

RESOLVED by the Board of Aldermen of the City of Nashua that pursuant to RSA
31:19-a, the City of Nashua hereby establishes a housing expendable trust fund, funded by
appropriations, that will be used for the foliowing purposes:

e Supporting moderate and lower income housing development with gap financing, for
both renters and owners with a priority on one and two bedroom units
Supporting the preservation of affordable housing units
Supporting a First Time Homebuyer Program
Supporting the creation of new Accessory Dwelling Units
e Educating the public on the need for and benefits of housing

oe 6

The Mayor is appointed as the agent to expend. Any balance remaining in the
expendable trust fund at each fiscal year end will not lapse or be closed out to the Generai Fund,
but will remain in this expendable trust fund.

It is the intention of the City that annual appropriations into this trust fund will be
presented in the annual budget beginning with the proposed FY2022 annual budget, and will
include, but not be limited to, an annual $10,000 per year payment from Nashua Piaza Housing
Associates, LP (“Clocktower”) under an Agreement with the City dated November 25, 1998.

FURTHERMORE, BE IT RESOLVED by the Board of Aldermen of the City of Nashua
to appropriate $30,000 of Fiscal Year 2021 unanticipated revenue from Department #118 “Other
General Government”, Accounting Classification #45 “Miscellaneous Revenue”, Account
#45880 “Revenue from Clocktower” into this new housing expendable trust fund, which
represents a recently received three year payment from Clocktower under the agreement
referenced above.

LEGISLATIVE YEAR 2021

RESOLUTION; R-21-118
PURPOSE: Establishing a housing expendable trust fund funded by

appropriations and making a supplemental appropriation of
$30,000 into the expendable trust fund

SPONSOR(S): Mayor Jim Donchess
Alderwoman-at-Large Shoshanna Kelly

COMMITTEE
ASSIGNMENT: Budget Review Committee
FISCAL NOTE: Establishes a restricted fund to account for appropriations

designated for a specific purpose. Proposed current year
appropriation reduces year end general fund surplus. Future
appropriations to this fund are through the annual budget
process.

ANALYSIS

This legislation establishes a non-lapsing housing expendable trust fund, funded by
appropriations, to be used for the purposes listed in the legislation. There is a stated non-
binding intention that annual appropriations into this trust fund will be presented in the annual
budget beginning with the proposed FY2022 annual budget, and will include, but not be
limited to, an annual $10,000 per year payment from Nashua Plaza Housing Associates, LP
(“Clocktower”) under an Agreement with the City dated November 25, 1998. RSA 31:19-a, I
provides for an annual accounting and report of the activities of the trust.

This legislation also appropriates $30,000 of FY¥2021 unanticipated revenue from Other General
Govemment — Miscellaneous Revenue - Revenue from Clocktower into the new expendable
trust fund. The $30,000 is a recently received three year payment from Clocktower under the
noted agreement. Charter Sec, 53 permits specific non-budget, supplementary appropriations.
There should be notice and a public hearing. A two-thirds vote is required under Charter Sec.
56-b for an item or amount not in the mayor’s budget. A roll call is required under Charter Sec.
49.

Approved as to account Financial Services Division
structure, numbers, _

and amount: By: /s/John Griffin
Approved as to form: Office of Corporation Counsel

By: (arb Later,
Date: \\ Adabuasicy, Du

A special meeting of the Board of Aldermen was held Tuesday, March 23, 2021, at 6:30 p.m. via Zoom
teleconference.

President Lori Wilshire presided; City Clerk Susan K. Lovering recorded.
Prayer was offered by City Clerk Susan K. Lovering; Alderman Ernest A. Jette led in the Pledge to the Flag.

President Wilshire

As President of the Board of Aldermen, | find that due to the State of Emergency declared by the
Governor as a result of the COVID-19 pandemic and in accordance with the Governors Emergency
Order #12 pursuant to Executive Order 2020-04, this public body is authorized to meet electronically.

Please note that there is no physical location to observe and listen contemporaneously to this meeting,
which was authorized pursuant to the Governors Emergency Order. However, in accordance with the
Emergency Order, | am confirming that we are:

Providing public access to the meeting by telephone, with additional access possibilities by video or
other electronic means:

To access Zoom, please refer to the agenda or the City’s website for the meeting link.

To join by phone dial: 1-929-205-6099 Meeting ID: 898 8851 4603 Passcode: 347707

The public may also view the meeting via Channel 16.

We previously gave notice to the public of the necessary information for accessing the meeting, through
public postings. Instructions have also been provided on the City of Nashua’s website at www.nashuanh.gov
and publicly noticed at City Hall and the Nashua Public Library.

If anyone has a problem accessing the meeting via phone or Channel 16, please call 603-821-2049 and they
will help you connect.

In the event the public is unable to access the meeting via the methods mentioned above, the meeting will
be adjourned and rescheduled. Please note that all votes that are taken during this meeting shall be done
by roll call vote.

Let’s start the meeting by taking a roll call attendance. When each member states their presence, please
also state whether there is anyone in the room with you during this meeting, which is required under the
Right-To-Know Law.

City Clerk Lovering called the roll and asked them to state the reason he or she could not attend, confirmed
that they could hear the proceedings, and stated who was present with him or her.

The roll call was taken with 15 members of the Board of Aldermen present: Alderman Michael B. O’Brien,
Sr., Alderman Patricia Klee, Alderwoman Shoshanna Kelly, Alderman Richard A. Dowd, Alderman June M.
Caron, Alderman Benjamin Clemons, Alderman Thomas Lopez (arrived after roll call), Alderman David C.
Tencza, Alderwoman Elizabeth Lu, Alderman Ernest Jette, Alderman Jan Schmidt, Alderman Brandon

Michael Laws, Alderman Skip Cleaver (arrived after roll call), Alderman Linda Harriott-Gathright, Alderman
Wilshire.

Special Board of Aldermen 03-23-2021 Page 2

Mayor James W. Donchess, Corporation Counsel Steven A. Bolton, and Fire Chief Brian Rhodes were also
in attendance.

ROLL CALL

Alderman O’Brien

| am present, | can hear the proceedings and | am home alone.
Alderman Klee

| am home alone, | can hear the proceedings and | am present.
Alderwoman Kelly

| am here, | am alone and | can hear everyone.

Alderman Dowd

Yes, | am present, | can hear the proceedings and | am here alone.
Alderman Caron

Yes, | am here, | can hear everything and | am alone.
Alderman Clemons

| am here, | can hear everyone and | am by myself.

Alderman Tencza

| am present, | am alone and | can hear everyone.
Alderwoman Lu

| am here alone and | can hear you.

Alderman Jette

| am here alone and | can hear the proceedings.

Alderman Schmidt

| am here alone and can hear everyone.

Alderman Laws

| am here, | am alone and | can hear everyone.

Alderman Harriott-Gathright

| am present, | am in this room alone and | can hear everyone.