MSHA pledges $740,000 grant for new rental housing in Limington Development would create 20 new apartments in town
For Release: Immediate
May 9, 2000
Contact: Dan Simpson
Maine State Housing Authority
AUGUSTA - The Maine State Housing Authority has pledged $740,000 in low income housing tax credit subsidies to help develop 20 units of new rental housing in Limington, MSHA Director Michael Finnegan said today.
The financing would help develop the family apartments, all targeted to low income renters, in the proposed Webster Mill Place. York-Cumberland Housing Development Corporation, the developer, is proposing a variety of duplexes and four-unit buildings on the site.
"Limington is part of the Portland metropolitan area where the rental market is very tight and apartments are too expensive for many working families," said Finnegan. "This situation makes it difficult for working families to find suitable rental housing. We're very pleased we can help finance new housing to address this housing need."
MSHA's pledge of $740,000 of federal housing tax credits enables the developer to proceed with the proposal and secure local approvals and other funding. MSHA's subsidy will cover part of the total cost, which is projected at nearly $2 million. The developer hopes to secure funding from the federal Rural Housing Services department (formerly Farmers Home Administration) for part of the funding.
Finnegan noted that the proposed housing would provide preference to families earning less than half the median income, homeless families, and people on waiting lists for subsidized housing.
The Limington development is one of four rental developments to which MSHA recently pledged subsidy financing. The financing uses $8.5 million in federal low income housing tax credits. The other developments include a new 33-unit development in Portland; 28 new apartments in Belfast; and 20 new apartments in Rockland's neighborhood revitalization area.
The Maine State Housing Authority is Maine's housing finance agency. Its mission is to assist Maine people to obtain and maintain decent, safe, affordable housing and services suitable to their unique housing needs.
Please visit our Web site at www.mainehousing.org
View press release for all four projects.
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