Kennebunk Savings Bank is taking the unusual step of donating a parcel of land it owns for a 70-unit affordable housing development.
The 41-acre parcel at 7 Alewive Park Road in Kennebunk would be divided into lots, one for two buildings that each would have 35 units and a second lot that would remain open space and protect wetlands.
Kennebunk Savings' Operations Center is also on the parcel. Maureen Flaherty, Chief Marketing Officer, says the affordable housing crisis in Maine inspired the donation of land to Avesta Housing.
"As a bank we're always looking for creative ways to leverage our assets," Flaherty said. "The land that we own next to our headquarters, percolated to the top with this idea. We've got this land. Could we actually think about doing this? From there, the ball just started to roll."
Avesta says it will likely pursue low income housing tax credits to fund the development of the parcel.
Kennebunk residents can learn more about the 7 Alewive Park Road project at a public hearing July 24. Town planners say a waiver for the contract zone will need to be approved by voters in November for the project to move forward.
