Jim Tobin, president of the National Association of Home Builders (NAHB), emphasized the importance of easing regulatory hurdles during his visit to New Hampshire. He pointed out that the current regulatory framework significantly increases the cost of construction, making affordable housing more difficult to build. "It’s not about removing regulations completely, but rather about finding ways to reduce the burden they place on the cost of construction. We need to make it easier to build homes and apartments," Tobin explained.

He noted that for a new home, approximately 25% of the cost comes from regulations at various levels of government, and for apartments, that figure rises to 41%. These costs add up and create barriers for developers trying to meet the growing demand for affordable housing.

In response to the ongoing housing crisis, New Hampshire lawmakers have been considering measures to increase funding for affordable housing. One such bill, which is being discussed in the State Senate, proposes a significant boost to the state’s affordable housing fund. Currently, the real estate transfer tax contributes $5 million annually to this fund, but the new bill would double that amount to $10 million per year. In addition, the bill includes an extra $25 million specifically earmarked for affordable housing projects.

Senator Dan Innis, a Republican from Bradford, expressed strong support for the initiative. "This additional $25 million will go directly to affordable housing projects, addressing a critical need. We’ve been hearing from businesses and residents that the cost of living here is too high, and this bill aims to ease that pressure," Innis said.

Rob Dapice, the executive director of New Hampshire Housing, echoed these sentiments, highlighting that there is already a backlog of projects ready to move forward. "We have numerous projects that have cleared the local permitting process, so if this funding is approved, we’ll be able to allocate it quickly and start building," Dapice stated.

The push for more affordable housing has garnered support from a wide range of stakeholders, from local businesses to community leaders. With the need for affordable housing reaching critical levels in New Hampshire, these legislative efforts could mark a significant step toward addressing the housing crisis. The bill’s potential approval could result in faster implementation of new housing projects, providing much-needed relief to the state’s residents.