Mainebiz

W W W. M A I N E B I Z . B I Z 11 A U G U S T 5 , 2 0 2 4 Let us help you write your next chapter. For the life you choose. At Norway Savings Asset Management Group, it's not necessarily the size of your nest egg we care about — it's the story behind it. Your planning decisions are a reflection of your values and your future. They're about the choices you've made to get here, and your vision for what comes next. We take the responsibility of protecting your financial future incredibly seriously. We make sure your story lives on. 207.482.7920 norwaysavings.bank N ot F DIC I n su red • N o B a n k G ua ra ntee • M ay Lose Va lue After success in Madison, developers adapt an affordable housing plan for Sanford B y L a u r i e S c h r e i b e r T wo months after cutting the ribbon on an affordable housing development in Madison, developers Kara Wilbur and Sam Hight have another, similar plan in the works — to create affordable housing in Sanford. Both developments utilize modular components and wood-fiber insulation made by TimberHP in Madison, and both use financing programs from MaineHousing. "We are excited to provide housing across the state using the modular approach — allowing more access to quality homes to meet the diverse needs of Mainers," said Hight. In downtown Sanford at 19 Bodwell St., the condo development will be led by Dooryard, a new modular housing and development company. The plan is to build eight condo units and a single-family detached condo. Dooryard, in Rumford, is a catalog home com- pany offering a line of single-family home packages and multifamily apartment buildings using modular construction methods. The project is open for pre- sales. Marketing began earlier this month through Benchmark Real Estate in Portland. "We've received a good amount of inquiries," Courtney Collins, Benchmark's COO, told Mainebiz. The goal is to create "high-quality" living spaces that can help meet the growing demand for housing in Sanford and provide homes for local workers, singles, young couples and downsizing seniors, said Wilbur. The project is supported with financing provided by MaineHousing, along with Bangor Savings Bank and the Genesis Fund. The fund's Affordable Homeownership Program is intended to help produce modestly sized and priced homes that will appeal to first-time home- buyers or other homebuyers who earn up to 120% of area median income. In Sanford, the affordable unit income cap at 120% of the area median income is $110,040, according to information provided by Benchmark. Condo prices will start at $249,000. Features include front porches, back yards, all-electric systems, hardwood finishes and the TimberHP insulation, a news release said. The sites are in downtown Sanford and on existing water and sewer infrastructure. The modular construc- tion will help reduce soft costs and loan interest costs, according to the developers. The units could attract diverse buyers looking for afford- ability and convenience, said Tom Landry, Benchmark's owner and the development's listing agent. B R I E F R E N D E R I N G / C O U R T E S Y, B E N C H M A R K R E A L E S TAT E The Sanford developers recently cut the ribbon on a similar modular project in Madison. A total of nine condos are planned for the York County city.

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