Mar. 16—MaineHousing has allocated $26.2 million in state and federal tax credits plus an additional $4.2 million subsidy to build or renovate nine affordable housing developments in Maine.
The tax credits will generate over $69.8 million in equity from private investors, the state affordable housing authority said Tuesday in a news release. The funding will create or preserve 430 housing units, of which 388 will serve households at or below 60 percent of the area's median income, it said.
"We knew when I signed this bill into law last year that Maine needed more affordable housing options, and the pandemic has only further underscored that need," Gov. Janet Mills said in the release. "I am glad to see these important projects moving forward."
MaineHousing said it selected nine developments from 15 proposals requesting nearly $12.6 million in federal tax credits. Developments that received funding include the renovation of the historic Moses and Columbia Blocks in Bath, the demolition and new construction of 45 units of public housing in Portland, and 40 new units in Skowhegan.