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Oak Street Lofts wins Charles L. Edson Tax Credit Excellence Award in Green Housing


Oak Street Lofts, a LEED Platinum-certified affordable housing community in Portland developed and owned by Avesta Housing, has been named the winner of the 19th annual Charles L. Edson Tax Credit Excellence Awards in the category of Green Housing.

Portland, MAINE, April 24, 2013 — Oak Street Lofts, a LEED Platinum-certified affordable housing community in Portland developed and owned by Avesta Housing, has been named the winner of the 19th annual Charles L. Edson Tax Credit Excellence Awards in the category of Green Housing. This competitive national award is given to the most outstanding Low-Income Housing Tax Credit properties by the Affordable Housing Tax Credit Coalition.

Located in the heart of the city’s arts district, Oak Street Lofts is the first multi-family affordable development in the state to achieve LEED Platinum certification. The building’s 37 apartments are 40% more energy efficient than the typical apartment in a multi-family building. Heat and electricity costs for each unit are expected to average about $58 per month, compared to $92 per month for a typical unit. That translates into an annual savings of $15,000 for the building as a whole.

"Avesta Housing is committed to making smart, strategic investments to produce housing that is efficient, durable and comfortable for residents. Oak Street Lofts is a prime example of those goals at work,” said Dana Totman, president and CEO of Avesta Housing. “We’re pleased that Oak Street Lofts continues to be recognized for its pioneering approach to green building.”

Oak Street Lofts’ energy-efficient features include a solar hot water heating system, high-efficiency condensing boilers and an air recovery ventilation system. The building also features locally sourced and low-VOC building materials, low-flow plumbing fixtures, and energy-saving LED and CFL lighting on motion sensors.

Since opening in January 2012, Oak Street Lofts has earned national and local recognition, including the U.S. Green Building Council’s 2012 LEED for Homes Outstanding Affordable Developer Award. It was also one of 13 Projects of Note nationwide highlighted in Affordable Housing Finance Magazine’s 2012 LIHTC Yearbook.

Oak Street Lofts caters to artists looking to work and live affordably in Portland and also has a number of artist-friendly features, including gallery space where residents can show their work for First Friday Art Walk.

The project’s key partners include general contractor Wright-Ryan Construction, CWS Architects and sustainability consultant Thornton Tomasetti. Other members of the Oak Street Lofts design team include Becker Structural Engineers, Bennett Engineering and Mitchell & Associates Landscape Architects. Construction financing was provided by Bangor Savings Bank, and Boston Capital served as the Low Income Housing Tax Credit syndicator.

For more on Oak Street Lofts, visit http://www.avestahousing.org/properties/60/Oak-Street-Lofts.

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Check out Avesta's blog, The Porch Light, for more news, updates and stories.

Contact Development and Communications Manager Sara Olson at 207-553-7780 x3352 or by email.