Two proposed housing projects in Portland poised for $6.5 million in tax breaks

Portland is poised to offer $6.5 million in tax breaks for two separate housing projects that could add 135 units of housing, more than half of which would be considered affordable.

The City Council will vote Monday on the two proposals for Tax Increment Financing, which returns a portion of property taxes generated from new developments to the property owner, rather than providing an upfront cash subsidy.

The Portland Housing Authority would receive $2.1 million in tax breaks for its 55-unit project proposed for Boyd Street, while Avesta Housing would get $4.4 million for its 80-unit project on Cumberland Avenue.

Randy Billings

Portland Press Herald