Construction has started on a 201-unit affordable housing development in downtown Portland, Maine.
Located within walking distance of restaurants, grocery stores, health services, and public transit, 89 Elm Apartments will be home to households earning up to 60% of the area median income.
Avesta Housing, a regional nonprofit developer, and Reveler Development, the master developer on the project, are partnering on the new community.
The community will feature a mix of 39 studio, 141 one-, and 21 two-bedroom apartments. Each residence will include modern finishes and energy-efficient appliances, composite plank flooring, window blinds, and secure storage options.
The development will also have a community room, a kitchenette, and a social services office, as well as a fitness center and patio and lounge spaces. In addition, residents will have access to bike storage and lockers, on-site management, laundry facilities, and Wi-Fi in the common areas.
“This is an exciting project for Reveler Development—our vision for this master-planned site has always included a diversity of housing options,” said John Laliberte of Reveler Development. “Our partnership with Avesta is a great model for addressing the housing shortage in this challenging environment. We look forward to welcoming these new residents to Bayside.”
The approximately $87.8 million development is supported through a combination of public and private sources. Key funding includes:
- $35.5 million in equity from WNC through the low-income housing tax credit (LIHTC) program. In addition to the 4% LIHTC equity, the project will be financed with tax-exempt bond proceeds;
- A $54 million construction loan from MaineHousing, which will be paid down to a permanent loan of $21.73 million;
- A $23.72 million soft loan from MaineHousing;
- A $2.14 million Brownfield Revolving Loan Fund loan; and
- A $1.04 million loan to the partnership from Avesta comprised of Efficiency Maine funds.
“With virtually no vacancies and extensive waiting lists at comparable properties, the need for affordable housing in Portland is clear,” said Anil Advani, executive vice president of originations and finance at WNC. “89 Elm represents a transformative opportunity to bring thoughtfully designed, energy-efficient homes to the heart of the city. We’re proud to partner with Avesta Housing and Reveler Development to make this vision a reality.”