MaineHousing gives 5 affordable housing projects a $6.8 million boost

Five affordable housing projects are getting a financial boost from tax credits and other subsidies that will allow them to seek more private financing.

State affordable housing authority MaineHousing announced Monday that it has awarded $6.8 million in financial incentives to five projects in Portland, South Portland, Waterville and Bangor. The tax credits and other subsidies will generate an additional $37 million in equity from private investors to build or improve affordable housing, it said.

The five developments were selected from 15 proposals that requested a total of over $10.3 million, the Augusta-based housing authority said. Winners were awarded $3.8 million in federal tax credits and $3 million in other subsidies from MaineHousing. Developments that received funding include the first phase of a historic textile mill redevelopment in Waterville and a project to upgrade 100 units of public housing in Portland.

Click here to read the full article