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Adams School Condominiums Grand Opening

Adams School Condominiums Grand Opening

 

Join us!

Thursday, July 24, 2014
10 a.m.-noon
48 Moody Street, Portland

 

Featured Speakers

  • Portland Mayor Michael Brennan
  • Senator Justin Alfond
  • Deborah Johnson, Department of Economic and Community Development
  • Dan Haley, Adams School Reuse Committee
  • Kate Neale, Adams School Condo Association President

Adams School Condos: Affordable homeownership on Munjoy Hill

The Adams School Condominiums transformed an underutilized brownfield site into a community asset. The 16 townhouse-style condos offer affordable homeownership opportunities in Portland’s vibrant Munjoy Hill neighborhood, helping to preserve the community’s economic diversity. The adjacent public green space and playground provide community benefits and preserve the site’s significance to the neighborhood. The project also represents a model reuse of a decommissioned and vacant school site, a scenario playing out for aging schools across Maine and the country.

The Adams School Condominiums were developed by Avesta Housing and the city of Portland with funding from the Neighborhood Stabilization Program, a federal grant program established to stabilize communities following the economic crisis of 2008.

The goal of the development was to provide long-term affordable homeownership opportunities in the city of Portland and especially on Munjoy Hill, where property values are becoming very unaffordable to many. Eligible buyers are households earning no more than 120% of area median income, or roughly less than $64,200 for a one-person household and $73,350 for a two-person household. The buyers worked with the Avesta HomeOwnership Center to determine if they were eligible and receive pre-purchase home buyer education. Subsequent buyers must also meet eligibility requirements, preserving the condos’ affordability for the long term.


Facts

  • Located on Moody, Wilson and Vesper streets in Portland, Maine
  • 16 units of afforable homeownership housing (8 2-BR and 8 3-BR)
  • Eligible buyers' income must not exceed 120% of area median income

Project Team

  • Developer: Avesta Housing
  • Architect: PDT Architects
  • General Contractor: Great Falls Construction