Six projects totaling $52.4 million will create, rehab 324 affordable housing units
Six affordable housing development projects will receive a share of $3.4 million in federal Low Income Housing Tax Credits (LIHTC) to build or rehabilitate 324 affordable housing units in Maine. The credits will leverage approximately $30 million in private equity investment.
The projects are in Augusta, Biddeford, Lewiston, Old Orchard Beach, and Portland. Combined, the development projects total approximately $52.4 million.
Interest in the LIHTC program is always high. The credits are sold to syndicators who in raise equity from businesses needing tax credits, thus bringing to the projects private investment that pays for a significant portion of total construction costs.
“I was very pleased with the quality of the applications this year,” said MaineHousing Director John Gallagher. “The selected projects will provide much-needed, quality affordable housing for working people in Maine.”
MaineHousing received 15 applications, and six were selected based on scores. The projects are scored against Maine’s Qualified Allocation Plan, which allocates points based on keeping construction costs down, rental affordability, access to services and transportation, and other factors.
The projects are:
- Hodgkins School: 47 units of elderly housing at 17 Malta Street in Augusta. The developers are Augusta Housing Authority in partnership with Coastal Enterprises, Inc.
- The Lofts at Saco Falls: 80 units for families in Biddeford. The developer is The Szanton Co. of Portland.
- Bayside Anchor Apartments: 45 units for families at 33 Boyd Street, Portland. The developer is Portland Housing Authority.
- Pierce Place: 62 units for families in Lewiston. The developer is Phyllis St. Laurent of Bristol. Twenty-nine of these units would replace those lost to arson in 2013.
- The Pines: 60 units for elderly tenants at 20 Manor Street in Old Orchard Beach. The developer is The Pines at Orchard Park LP.
- Bishop Street Apartments: 30 units for persons who are homeless, at 72 Bishop Street, Portland. The developer is Avesta Housing Development Corp.