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Business and Economy

State Housing Authority Awarded Nearly $4M In Tax Credits To Go Toward Affordable Housing Projects

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TROY R. BENNETT
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BDN File

The Maine State Housing Authority has awarded nearly $4 million in federal tax credits to affordable housing projects in the state.

The agency announced Monday that the credits have gone to five projects in Portland, Waterville and Bangor. MaineHousing Director Dan Brennan says the credits, in addition to another $3 million in state subsidies, should help developers keep rents relatively low.

“These resources allow developers to provide affordable units, brand new in many cases, or newly refurbished in other cases, and it really helps add to solving the affordable housing problems in our state,” Brennan says.

Brennan says the projects will create or preserve about 300 units.

“We're looking to do hundreds more units in Maine than we have been in the past, and really trying to ramp up our production going forward,” he says. “So I think going into 2020, we're going to have more momentum than we've had in the past.”

He says outside experts estimate that the state needs an additional 20,000 affordable rental homes.