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Augusta, Maine - MaineHousing announced last week its decision to allocate Maine Affordable Housing Tax Credits and federal Low-Income Housing Tax Credits (LIHTC) to four housing developments in Maine aimed at creating 185 new affordable homes across the cities of Bangor, Bath, Portland, and Westbrook.

Key Points

• The total MaineHousing funding amounts to approximately $58.5 million, which will leverage further public and private sources. This initiative will add to the roughly 4,000 homes at 95 different project locations already under development in MaineHousing’s affordable housing pipeline.
• The allocation of $8.7 million in tax credits is expected to generate over $37.7 million in equity from private investors. Additional funding includes $8.5 million in subsidies and $12.4 million in loans from MaineHousing.
• The selections were part of a competitive process where these four developments were selected from eight proposals, based on their scores.
• • Development: Oak Ridge Apartments
  • • City: Bath
    • Developer: Realty Resources
    • Units & Type: 30 units for older Mainers
    • Federal Tax Credits Awarded: $650,000
    • Maine Tax Credits Awarded: N/A
    • Est. Total Tax Credit Equity: $5,524,448
  • Development: Essex View
  • • City: Bangor
    • Developer: Penquis CAP
    • Units & Type: 40 family units
    • Federal Tax Credits Awarded: $1,000,000
    • Maine Tax Credits Awarded: N/A
    • Est. Total Tax Credit Equity: $8,699,130
  • Development: Avesta Seavey Street
  • • City: Westbrook
    • Developer: Avesta Housing
    • Units & Type: 61 units for older Mainers
    • Federal Tax Credits Awarded: $1,300,000
    • Maine Tax Credits Awarded: N/A
    • Est. Total Tax Credit Equity: $11,049,155
  • Development: Equality Community Housing
  • • City: Portland
    • Developer: Equality Community Center
    • Units & Type: 54 units for older Mainers
    • Federal Tax Credits Awarded: $945,487
    • Maine Tax Credits Awarded: $4,840,257
    • Est. Total Tax Credit Equity: $12,414,929
• In total, 185 units have been awarded $3,895,487 in Federal Tax Credits and $4,840,257 in Maine Tax Credits, with an estimated total tax credit equity of $37,687,662.