Mainebiz

W W W. M A I N E B I Z . B I Z 23 J U LY 2 2 , 2 0 2 4 R E A L E S TAT E / C O N S T R U C T I O N / E N G I N E E R I N G housing. "Young people are hit hard for rental housing. It's workers all together — nurse's aides, retail clerks, childcare workers, people working at nonprofit organizations, especially early in their careers, cooks, dishwashers, chamber maids, janitorial people — almost any entry-level job will have a hard time affording today's rents." Daniel Brennan, director of MaineHousing, recalls his own expe- rience getting out of college a few decades ago, getting a job and looking for an apartment in South Portland. "ere happened to be four or five apartments in my price range," he says. "at doesn't exist anymore." Historic production But there's been progress. Gov. Janet Mills and lawmakers have made hous- ing a significant priority, sending $314 million since 2019 to MaineHousing — a primary player in the affordable housing world, as an independent state agency that bridges public and Visit us at moulison.us WORK WITH US Lighting Power Distribution Transportation Systems Testing & Analytics COMMERCIAL | INDUSTRIAL | INSTITUTIONAL TRANSPORTATION | INFRASTRUCTURE C O N T I N U E D O N F O L L OW I N G PA G E » F O C U S Over the last five years, there's been the recognition that housing is a big deal in Maine and around the country. — Daniel Brennan MaineHousing MaineHousing programs Programs to encourage private development of affordable rental housing or homeownership opportunities include: Low-income housing tax credits: Federal resource allocated to developers who sell them to corporate investors. Proceeds are used as equity in the developer's rental housing project. Rental loan program: Long-term mortgage financing at attractive interest rates. Rural affordable rental housing program: Zero- interest forgivable loans. Affordable homeownership program: Subsidy to build basic housing for sale as single-family homes. Recovery and supportive housing: Short-term real estate acquisition. A sampling of affordable housing projects First project coming to frui- tion under the Rural Affordable Rental Housing Program: 55 Weston Ave., Madison. Avesta Housing opened senior affordable development Village Commons in Scarborough. Penquis to build 40-unit afford- able senior housing complex called Milford Place in Bangor. Equality Community Center plans 54-unit affordable senior housing complex at 25 Casco St., Portland. Westbrook Development Corp. is developing two senior apartment complexes totaling 115 units. Evernorth's investment funds include projects in Bangor, Portland, Bridgton, Belfast, Lewiston, Scarborough, Bath and Augusta. Daniel Brennan of MaineHousing says new financial incentives and policies have led to a historic expansion of affordable housing production across Maine. P H O T O / C O U R T E S Y M A I N E H O U S I N G

• Cover