More than $15.3 million in grants and loans have been awarded to help finance nine projects to provide affordable housing in Maine.
The financing packages were announced Monday by the Federal Home Loan Bank of Boston, a cooperative bank that provides financial housing aid in the six New England states.
The FHLB announced the financing for the Maine projects as part of $46.6 million in grants, loans and subsidies on interest rates for 47 housing initiatives in the region.
In Portland, a project to provide 22 rental units through Shalom House received a $935,695 grant and subsidy and a loan of nearly $1.5 million to provide support for those with serious mental illnesses and the homeless to integrate into the community. Norway Savings Bank is providing the local financing for the project, which will operate as a group home, with a carriage house providing housing for low-income families with a member who has a mental health disability.
In downtown Portland, the FHLB is providing a grant of nearly $1 million and a loan of $1.3 million to help redevelop 33 units of mixed-income housing. Gorham Savings Bank will provide construction financing and a permanent loan for the project.
In Biddeford, a $441,244 grant will help provide financing for a Volunteers of America-led rehabilitation of a 10-unit building that will provide housing for people with mental illnesses. Bangor Savings Bank is providing an acquisition loan.
Avesta Housing Development will get a $736,307 grant and subsidy and a $688,049 loan for new construction in Lewiston to create 28 rental units for families and people with disabilities. The construction will take place on three sites in the city where buildings were destroyed by a series of arson fires in 2013. Norway Savings Bank will provide additional financing.
The South Portland Housing Development Corp. will get a $1 million grant and a $1.7 million loan for construction of 42 affordable and mixed-rate apartments on property that had been occupied by St. John the Evangelist Catholic Church. The church was closed and the property sold in 2013. Gorham Savings Bank will provide construction financing and a permanent loan.
New construction by Avesta Housing Development will provide 50 rental units, office space and commercial space in South Portland. Gorham Savings Bank will provide a subsidized advance and permanent financing and the FHLB is providing a $1 million grant and subsidy and a $2,270,948 loan.
In Westbrook, a subsidy of nearly $400,000 and a $1.4 million loan will help finance 61 one-bedroom apartments in Larrabee Village for low-income seniors earning up to 60 percent of the area’s median income. Gorham Savings Bank is providing construction and permanent financing.
Other projects receiving funding are for rehabilitation of an old office building in Skowhegan into 40 affordable apartments and the rehabilitation of 23 single-family homes for the members of the Houlton Band of Maliseet Indians in Houlton.
Edward D. Murphy can be contacted at 791-6465 or at:
emurphy@pressherald.com
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