PORTLAND, Maine — In a significant move to address Portland’s affordable housing crisis, WNC & Associates, Avesta Housing, and Reveler Development have officially broken ground on 89 Elm Apartments, a new 201-unit affordable housing community in downtown Portland. The $87.8 million development aims to provide critical relief in one of Maine’s most competitive rental markets.
Located at 89 Elm Street, within walking distance of essential services and public transportation, the community will serve households earning up to 60% of the Area Median Income (AMI). The project marks WNC’s fourth affordable housing community in Portland and follows the successful completion of Riverton Park nearby.
“With virtually no vacancies and extensive waiting lists at comparable properties, the need for affordable housing in Portland is clear,” said Anil Advani, Executive Vice President of Originations and Finance at WNC. “89 Elm represents a transformative opportunity to bring thoughtfully designed, energy-efficient homes to the heart of the city.”