HB633

We are in need of new and creative ways of addressing our housing needs, both in terms of creating supply as well as preservation. One of the challenges associated with preserving affordability has been the limited financing mechanisms available to consumers outside of conventional long-term financing. A housing investment trust will provide an opportunity to leverage private capital while maintaining affordability for the homebuyer.

I am writing in support of House Bill 633-FN, which seeks to add “housing investment trusts” to New Hampshire’s Investment Trusts Act. This bill represents an important step toward addressing our state’s growing housing challenges by creating flexible financial structures that can support the development and preservation of affordable housing. Housing investment trusts have the potential to attract diverse funding sources, promote innovative housing solutions, and engage both private and nonprofit sectors in tackling our housing crisis. By including housing investment trusts under RSA 293-B, the bill provides a clear legal framework that fosters accountability through trustee oversight and ensures these trusts operate within established investment guidelines. I particularly support the requirement for New Hampshire resident trustees, which will help ensure local governance and alignment with community needs. The fee exemptions for these trusts are also appropriate, as they allow more resources to be directed toward housing projects rather than administrative costs—ultimately benefiting the people who need affordable homes the most. While I recognize that strong oversight will be critical to ensure these trusts fulfill their intended purpose, HB 633-FN provides a solid foundation. I encourage the committee to support this legislation as a proactive measure to strengthen our housing infrastructure and create more opportunities for New Hampshire residents to find safe, stable, and affordable homes. Thank you for your time and consideration.