Avesta awarded almost $20 million in equity and subsidy funding

Avesta has been awarded two 9% Low Income Housing Tax Credit (LIHTC) awards and four Federal Home Loan Bank of Boston Affordable Housing Program (AHP) awards. This represents almost $20 million in equity and subsidy funding that will help build much-needed affordable housing in Maine.

The developments that received awards are:

  • Village Commons in Scarborough (9% LIHTC and AHP awards), which will create 31 affordable apartment homes for ages 55 and older.
  • Choice Wedgewood Block in Lewiston (9% LIHTC and AHP awards), a mixed-income community comprised of 74 affordable and market-rate apartment homes. Choice Wedgewood Block will constitute the first phase of housing built as a part of the Choice Lewiston initiative. The property will be developed by Avesta and owned and managed by Lewiston Housing Authority.
  • Martel School in Lewiston (AHP award), rendering pictured above, a combination of new construction and conversion of a former school that will be comprised of 44 affordable apartment homes for ages 62 and older. The property will be developed by Avesta and owned and managed by Lewiston Housing Authority.
  • Choice Dewitt in Lewiston (AHP award), which will be a mixed-income community comprised of 71 apartment homes. Choice Dewitt will constitute the second phase of the Choice Lewiston initiative. It will be developed by Avesta and owned and managed by Lewiston Housing Authority.