$23M earmarked for affordable housing rentals in Maine

Courtesy / Avesta Housing Avesta Housing will create 48 rental units on the site of a former homeless shelter on Oxford Street in Portland.

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By Peter Van Allen

Federal Home Loan Bank of Boston has earmarked $23.5 million for the development or preservation of 456 units of rental housing in Maine, it said this week.

The funding will go toward Augusta, Bath, Biddeford, Kennebunk, Kittery, Lewiston, Portland, Scarborough and South Portland. The grants and loans will be used to help pay construction, acquisition or rehabilitation costs.

It's part of a New England-wide effort by FHLBank Boston to direct $52.5 million in grants, loans and interest-rate subsidies through its Affordable Housing Program to support 40 affordable housing initiatives. The projects will create or preserve 1,246 rental and ownership units for individuals and families earning up to 80% of the area median income.

“At a time when escalating housing costs make it challenging to secure stable and safe housing in many parts of New England, finding ways to produce and preserve rental and ownership housing for households with limited options is vital,” said Timothy J. Barrett, president and CEO of FHLBank Boston.

The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states.

How it works

Financial institutions in New England that are members of FHLBank Boston work with local developers to apply for funding, which is awarded through a competitive scoring process.

Funds awarded in this round were provided to the following financial institutions in support of a wide range of initiatives.

For more information, click here.

Project overview

Maine
Awards: $23,523,908 in grants, loans and interest-rate subsidies
Number of projects: 12
Number of affordable units: 456
Towns and cities: Augusta, Bath, Biddeford, Kennebunk, Kittery, Lewiston, Portland, Scarborough and South Portland

30 Glenridge, Augusta
Partner lender: Kennebec Savings Bank
Sponsor: Motivational Services Inc.
Affordable units: 16 rental units
Subsidy: $850,000

Anchorage South, Bath
Partner lender: Bangor Savings Bank
Sponsor: Bath Housing Development Corp.
Affordable Units: 47 rental units
Subsidy: $1,198,828 grant and subsidy; $928,000 loan

Courtesy / FHLBank Boston

Thatcher Brook Apartments I in Biddeford will have 40 rental units

Thatcher Brook Apartments I, Biddeford
Partner lender: Gorham Savings Bank
Sponsor: Westbrook Development Corp.
Affordable units: 40 rental units
Subsidy: $1,199,822 grant and subsidy, $1.2 million loan

Avesta Barra Road LP, Biddeford
Partner lender: Norway Savings Bank
Sponsor: Avesta Housing Development Corp.
Affordable units: 46 rental units
Subsidy: $1,199,822 grant and subsidy; $1.2 million loan

Courtesy / FHLBank Boston

Thatcher Brook Apartments II in Biddeford will have 36 rental units.

Thatcher Brook Apartments II, Biddeford
Partner lender: Gorham Savings Bank
Sponsor: Westbrook Development Corp.
Affordable units: 36 rental units
Subsidy: $1,199,822 grant and subsidy; $1.2 million loan

Courtesy / Avesta Housing

Alewive Park Road in Kennebunk will have 37 rental units.

Alewive Park Road, Kennebunk
Partner lender: Kennebunk Savings Bank
Sponsor: Avesta Housing Development Corp.
Affordable units: 37 rental units
Subsidy: $1.2 million grant and subsidy; $749,671 loan

Old Post Road, Kittery
Partner lender: Kennebunk Savings Bank
Sponsor: Fair Tide Inc.
Affordable units: 12 rental units
Subsidy: $1,144,369 grant and subsidy,;$1,190,310 loan

Ramada Senior Apartments, Lewiston
Partner lender: Androscoggin Savings Bank
Sponsor: Lewiston-Auburn Area Housing Development Corp.
Affordable units: 63 rental units
Subsidy: $850,000 grant

Oxford Street Apartments, Portland
Partner lender: Gorham Savings Bank
Sponsor: Avesta Housing Development Corp.
Affordable units: 48 rental units
Subsidy: $1,199,999 grant and subsidy; $1,246,577 loan

Courtesy / Hope Acts

In a former church in Portland, Hope Acts will create 13 rental units.

Hope House, Portland
Partner lender: Bangor Savings Bank
Sponsor: Hope Acts
Affordable Units: 13 rental units
Subsidy: $780,000 grant

Marshview Terrace, Scarborough
Partner lender: Gorham Savings Bank
Sponsor: South Portland Development Corp., South Portland Housing Authority
Affordable units: 60 rental units
Subsidy: $1,186,923 grant and subsidy; $1.2 million loan

Landry Heights, South Portland
Partner lender: Gorham Savings Bank
Sponsor: South Portland Housing Development Corp., South Portland Housing Authority
Affordable units: 38 rental units
Subsidy: $1,199,764 grant and subsidy, $1.4 million loan