7 new affordable housing developments get funding to move forward
The Maine State Housing Authority announced today that state and federal housing tax credits will help fund the construction or renovation of seven affordable housing developments in the state. MaineHousing Director Daniel Brennan said a total of more than $80 million in tax credits, private equity, and a MaineHouse subsidy will help developers create 332 housing units.
"When these levels of resources are dedicated to us, it allows developers to go out and search for new projects today. So they have confidence the funding stream is going to be there and so they are aggressive about going out and looking for that next property to develop," Brennan said.
Picker House in Lewiston's Continental Mill complex, new construction on the former site of Mercy Hospital in Portland and projects in Belfast and Scarborough are those moving forward. 281 of the 332 homes will be reserved for working families or older adults living at or below 60% of the area's median income.
Brennan says he has 1,400 affordable homes in the pipeline now. It's been estimated that Maine needs 20,000 affordable housing units for working families and the elderly.