Avesta Housing, the largest nonprofit affordable housing provider in northern New England, has listed the first homes for sale under its A Path Forward—Homeownership for ME program.
The move introduces a new line of business for the organization, which has primarily focused on developing affordable rental housing.
Under the new program, the nonprofit is acquiring and rehabilitating properties that are in disrepair, then selling them at below-market prices to qualifying households. Philanthropic funding from Bangor Savings Bank and Mascoma Bank helped make the program possible.
“A Path Forward is a program built out of both urgency and hope,” said Nicole DiGeronimo, director of Avesta’s Homeownership + Financial Counseling department, at a ribbon-cutting ceremony. “Urgency, because Maine’s housing market continues to make it difficult for middle-income residents to find safe, stable homes within reach. Hope, because we believe that by preserving and rehabilitating existing housing, we can create real opportunities for homeownership where few exist.”
Located in Gray, Maine, the first properties are two single-story homes with a shared driveway. Each includes 940 square feet of living space, three bedrooms, one bathroom, a full basement, and an attached garage. The listing price per home is $218,000—less than half the median price for a home in Cumberland County, according to officials.
“This represents the exact type of housing that Avesta needs to be investing in,” president and CEO Jennifer Hawkins said. “We have taken houses that were sitting vacant and are bringing them back to life for new homeowners. I look forward to supporting the expansion of Avesta’s new A Path Forward initiative.”
The project follows a “shared equity housing” model. Homes must be owner-occupied, buyers must meet income guidelines (for this development, households must earn 65% or less of the area median income), and the resale price is not set by the market but by a formula that preserves affordability for the next buyer. The resale formula provides for modest equity growth—each homeowner benefits from the reduced purchase price made possible by community investment and passes that benefit on to future buyers.
Headquartered in Portland, Maine, Avesta operates 100 affordable properties, more than 3,000 apartments, and two assisted-living facilities, providing safe, affordable homes for more than 4,000 people every day. An additional 1,100 new homes are in the development pipeline.
