AUGUSTA – MaineHousing announced this week that it has allocated Maine Affordable Housing Tax Credits and federal Low Income Housing Tax Credits (LIHTC) to four housing developments that will bring 185 new affordable homes to the cities of Bangor, Bath, Portland and Westbrook.
These four developments were selected from eight proposals that applied for funding in a competitive process that saw the highest scoring proposals receive funding.
The combined $8.7 million in tax credits will generate over $37.7 million in equity from private investors. With an additional $8.5 million in subsidy and $12.4 million in loans from MaineHousing, approximately $58.5 million of MaineHousing funding will leverage additional public and private sources to create or preserve these needed affordable homes.
“These new developments add to our already healthy and historic multifamily pipeline,” said MaineHousing Director Dan Brennan. “All Maine people deserve a safe, warm, and affordable home. These investments bring us closer to achieving that fundamental goal. Importantly, these investments also create new jobs while strengthening our local economies, ensuring that both those entering the workforce and those exiting it have greater opportunities to access a well-built and affordable place to call home.”
These new tax credit awards will add to approximately 4,000 homes at 95 different project locations that are already under development in MaineHousing’s affordable housing pipeline (webpage).
For more information contact MaineHousing's Communications Director Scott Thistle, [email protected].