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July 29, 2013

PHA eyes federal funds for Bayside project

The Portland Housing Authority plans to use federal tax credits and federal funding to fund a $7 million 42-unit housing project in Portland’s Bayside neighborhood.

According to the Portland Press Herald, the Bayside Anchor project would provide apartment housing to households making up to $45,000 in income. Units would range in price from $535 to $1,000 a month and the complex would be built in the city’s Kennedy Park neighborhood on a vacant parking lot near the intersection of Boyd and Oxford streets.

Greg Payne, a development officer with Avesta Housing who is serving as the project’s development consultant, told the newspaper the project would be seeking federal funds administered by the Maine State Housing Authority and the city of Portland. It also recently won a $250,000 low-interest loan after winning a national Lowering the Cost of Housing competition sponsored by Deutsche Bank and Enterprise Community Partners.

Mark B. Adelson, president of the Portland Housing Authority, told the newspaper the agency is partnering with Avesta, the Portland architectural firm Kaplan Thompson and the construction firm Wright Ryan to build Bayside Anchor. Besides seeking financing, the project would need to be approved by the city’s planning board. The city council also would be asked to approving a zoning change allowing for a greater density on the proposed lot.

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