Built in 1969 on the site of the famous Riverside Hotel, Livermore Terrace has provided 25 affordable apartments in the Livermore Falls area for 40 years. In April, Avesta Housing purchased the Depot Street property from the estate of Harvey Brettman, the original property owner, thereby preserving these critically needed affordable apartments and assuring that they remain affordable rental housing. All 25 of the one-bedroom apartments are subsidized by the US Department of Housing and Urban Development through MaineHousing and rent is based on 30% of tenants' income.
The acquisition was financed by Gorham Savings Bank. "Gorham Savings is pleased to partner with Avesta to provide financing to purchase and improve housing for the elderly," said Matt Early, Senior Vice President. Avesta will begin extensive renovations to the project immediately and has contracted with NBBR Construction. Improvements include the addition of an elevator, upgrades to siding, windows, and roofing, the addition of sprinkler and fire alarm systems, and interior unit upgrades. The existing elderly and disabled residents of the project have expressed their eagerness to have their apartment building "spruced up".
Avesta is taking applications for vacant units which are expected to be ready to rent by the first of August.