Editorial: Housing, not profits

There was some good news on the housing front last week, as the Peterborough Zoning Board of Adjustment granted Catholic Charities a variance to build a 93-unit development on Vose Farm Road. The variance was needed because the property is in a Business/Industrial zone.

The properties at 10 and 12 Vose Farm Road are currently owned by Bright’s Centennial House, Inc., and Van Teneyck, Inc, respectively, and are under agreement with Catholic Charities. Plans call for the project to be mixed-income and multigenerational, and include workforce and affordable units. Part of the project would be new construction, as Catholic Charities plans to build another building, and part of the project would be converting office space into housing.

And there’s more. Catholic Charities ultimately wants to create 500 units of affordable housing in the next 10 years and work with organizations such as Monadnock Family Services that provide support for local residents.

Catholic Charities Executive Director of Real Estate and Senior Living Development Jeff Lefkovich noted that housing is still in high demand as employers struggle to hire people, and Peterborough Affordable Housing Subcommittee co-Chair Carol Nelson said employers have told them that people have accepted positions and not been able to take them because of housing.

Financing for the project is coming from a state program that awards tax credits to business investors supporting organizations working on community economic development initiatives. As Lefkovich described it: “It’s not your traditional equity investor that’s looking for a substantial equity return.” Essentially, the Catholic Charities’ plan will not hinge on investor return on investment, making it a unique opportunity for the town and region. 

Building housing is a business. Building workplace and affordable housing does not always provide the same returns as market-rate housing. Programs that take the profit motive out of building workforce and affordable housing are a major step toward addressing the need.

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