Trustees of the Trust Funds: Housing

Portsmouth Housing Endowment Trust Fund

The Trustees of the Trust Funds manage the Portsmouth Housing Endowment Trust Fund, created in 1993, that funds the City's "HomeTown Program," a First Time Homebuyer Program.

Funded through the Portsmouth Housing Endowment Trust Fund (PHEF), the HomeTown Program makes available financial assistance to individuals and families who wish to purchase their first home and live in Portsmouth. This program brings together the resources of the City of Portsmouth and Citizens Bank to help eligible individuals and families overcome the financial barriers to homeownership.

In order to be eligible for the program's closing cost and down payment assistance, an individual or family must meet income and eligibility requirements and be a first-time homebuyer. Income limits are based on household size. See the HomeTown Program information and guidelines (PDF).

Below Market Rate Housing Trust Fund

The Trustees of the Trust Funds also manage the Below Market Rate Housing Trust Fund. The Trust supports the City Council’s goal to enhance the supply of housing choices, specifically the supply of below market rate housing options. The City's Housing Blue Ribbon Committee worked with the City’s Legal Department and Trustees of the Trust Funds to craft the language of the Trust so that it would be flexible while accomplishing the objective of adding below market rate housing units to the City. 

The Below Market Rate Housing Trust Fund is designed to receive funds from donations, grants, and the inaugural contributions of $250,000 each from the City and SoBow Square, LLC. The funds will be used by the City to initiate and facilitate activities in partnership with public, nonprofit, and private housing developers in support of projects and initiatives for below market rate housing. The terms of the Trust define below market rate as “affordable to those households earning no more than 100 percent of the average median income.” For more information on the Fund and how to donate to it, go to the Below Market Rate Housing Trust Fund page.

Related Links:
Trustees of Trust Funds main page