Who is making a profit on the HH Development?
It depends on what you consider a “profit”. Of course, the banks who provide the financing and mortgages will receive competitive interest rates, the professional design team, engineers, construction workers, consultants, etc. will receive payment for their work at a rate arrived at through competitive bidding selection. The ELRHC will receive a regulation limited “developer fee” that will be utilized to pay consultation fees of the Hartland group and a portion of the pre-development costs. Anything left will be used for its non-profit purposes – community education, working with regional planning/zoning boards, the restricted Nancy Clement Beck WFH Enabling Fund. The latter has provided the loans for the majority of the pre-development work and will be reimbursed in full. HH will sign agreements with the NH Housing Finance Authority which requires that the rental apartments remain affordable for 99 years and the Wolfeboro WFH ordinance requires perpetual affordability, so there is no
