According to the NLIHC, there are nearly 42,000 extremely low-income households in Maine, a state with the oldest population and the country's oldest housing stock. Avesta Housing, serving Portland, Maine, is already under construction for a 64-unit affordable apartment building, the West End Apartments I, with completion expected in early 2021. In 2019, Avesta was awarded $800,000 in low-income federal housing tax credits. In 2020, Avesta received a $500,000 AHP Award from the FHLBank Atlanta (sponsored by Community Housing Capital (CHC)) for West End II, a 52-unit property adjacent to its sister property, West End I.
The West End Apartments I & II will add 90 subsidized and 26 market-rate apartments to a struggling affordable housing market in South Portland's West End neighborhood. Funding sources for West End II included a $750,000 equity bridge loan from CHC, an AHP loan and grant from the FLHBank Boston, subsidies from Maine Housing, a construction loan, and tax increment financing. This new urban village's location is part of an overall zoning change approved by the Portland City Council in 2017 to promote neighborhoods that encourage outdoor activities like walking, biking, and hiking.
The new West End II construction project will consist of 52 mixed-income units, including 32 units restricted to households at or below 50% of the area median income (AMI), eight apartments restricted to households at or below 60% AMI, and 16 handicapped-accessible apartments. Twelve apartments will be market-rate. Located just minutes from major employment centers like downtown Portland, the Maine Mall, and the Portland Jetport, West End I & II will have easy access to public transportation and Interstate 295. The development also provides excellent proximity to many amenities, including grocery stores, playgrounds, the Portland Trail Network, pharmacies, and a variety of other retail options.
Avesta Housing is a nonprofit affordable housing provider with 45+ years of experience in southern Maine and New Hampshire. Headquartered in Portland, Maine, Avesta currently has 98 properties, 2,700 apartments, and two assisted-living facilities in its portfolio.