Elm Grove nears completion The Rapids on Cocheco, a 52-unit workforce housing community

Rochester, NH Elm Grove Companies, a New Hampshire-based real estate development firm, is nearing completion of The Rapids on Cocheco, a 52-unit workforce housing community located at 29 Wadleigh Rd. This development marks Elm Grove’s ninth affordable housing venture in the state, adding to a growing portfolio of more than 430 apartments completed or under construction.

Leveraging the federal Low-Income Housing Tax Credit (LIHTC) program’s innovative income-averaging model, The Rapids on Cocheco will provide quality homes for families earning between 20% and 80% of the Area Median Income (AMI).

Designed with both sustainability and livability in mind, the community incorporates Energy Star standards and Passive House concepts, including rooftop solar arrays. Amenities will feature a playground, patio, dog park, picnic area, controlled access, community room, laundry facilities, and complimentary wireless internet.

“With more than 400 affordable apartments completed or underway across New Hampshire, Elm Grove is just getting started,” said Chris Schleyer, principal at Elm Grove Companies. “The Rapids on Cocheco is another step in our long-term vision to expand access to housing for New Hampshire’s workforce. The demand is strong, and our team is ready to begin leasing.”

“We are proud of the collaborative efforts demonstrated by Elm Grove and their partners in addressing the critical housing needs in New Hampshire,” said Rob Dapice, CEO of New Hampshire Housing. “The Rapids on Cocheco is an example of their commitment to creating sustainable and affordable housing solutions, and making a meaningful impact in our communities.”

With a total development cost exceeding $20 million – including construction, land acquisition, financing, and soft costs – this project represents a significant investment in the community. 

The development team includes Burnell Johnson Architects as lead architect, Milestone Construction as general contractor, and Ken Viscarello’s Affordable Housing Group at Sheehan Phinney providing legal counsel.

Elm Grove Companies held a ribbon-cutting ceremony on Wednesday, October 15.