MaineHousing announced that it has awarded $2.9 million in low-income housing tax credits (LIHTCs) to five affordable housing developments that will serve families, seniors, and homeless veterans.
The LIHTCs will leverage approximately $26 million in private equity investment to create or rehab 221 affordable housing units.
Demand outpaced supply this year, with 16 developments submitting applications for a combined $8.9 million in LIHTCs.
The five developments receiving LIHTC awards include:
Blackstone Apartments, Falmouth
Developer: Avesta Housing
Avesta Housing will acquire and rehab 20 units and create 19
new units for seniors. It received a tax credit award of $300,000.
Cabin in the Woods, Chelsea
Developer: Volunteers of America Northern New England
Cabin in the Woods will provide 21 newly constructed units
for homeless veterans near the Togus VA Medical Center. It received a tax
credit award of $388,337.
Carleton Street Apartments, Portland
Developer: Avesta Housing
Carleton Street Apartments will provide 37 newly constructed
units of affordable housing for families. It received a tax credit award of
$581,270.
Huse School Apartments, Bath
Developer: The Szanton Co.
The Szanton Co. will transform the John E.L. Huse Memorial
School into 30 family units and will build a 28-unit addition to the building;
43 of the units will be for households earning 50% to 60% of the area median
income, and the remainder will be market rate. It received a tax credit award
of $646,840.
St. Ignatius Apartments, Sanford
Developer: DBH Management, Inc.
The Catholic Diocese of Maine will rehab an existing
building and construct another one to create 66 affordable housing units for
seniors. It received a tax credit award of $937,712.