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W W W. M A I N E B I Z . B I Z 27 F E B R UA R Y 6 , 2 0 1 7 F O C U S G R E AT E R P O R T L A N D with incomes at or below 100% of AMI. Or contribute a fee to the city's aff ordable housing trust. To satisfy the requirement, NewHeight Group worked out a mechanism for Community Housing of Maine, a nonprofi t aff ordable housing developer, to acquire a build- ing from Luminato at a discount, providing CHOM with equity in the project that allowed it to use bank fi nancing for purchase and rehabili- tation of the building. e three- story, three-unit building is located at 42 Hampshire St., around the corner from Luminato. Monthly rent for a two-bedroom unit in that building is capped at $1,400 per month, which represents 30% of income for a household of two people earning 100% of Portland's AMI. is compares to $1,950 to $2,500 per month for similar two- bedroom units with no cap. " e intent is to make sure we're not pricing working people out of the housing market in Portland," says CHOM Development Director Erin Cooperrider, who partnered with Luminato in order to handle the initiative's income qualifi cation and compliance requirements. " e new zoning is another tool to help main- tain a continuum of housing choice in increasingly expensive locations." L aur i E S c h r E i B E r , a s ta f f w r i te r a t Mainebiz, covers real estate. She can be reached at LSchrEiBEr @ maiNEBiZ.BiZ www.HancockLumber.com/Employment NOW HIRING! Engaged. Empowered. Team Hancock. "There is a great deal of power to be tapped in creating an organization where everybody leads...where everybody makes decisions...where everybody's empowered." - Kevin Hancock 0 10 20 30 40 50 60 70 80 90 Portland South Portland Westbrook Saco/Biddeford Lewiston/Auburn 2015 2016 2016 Q3/4 Average rents for mid-grade, heated units New construction 2015 2016 Sec. 8 Westbrook 89 Anderson St., Portland Studio $850 $850 $838 $1,250 1 Bd $1,100 $950–$1,100 $974 $1,250 $1,550 2 Bd $1,300 $1,250–$1,300 $1,219 $1,400 $2,100 3 Bd $1,550 $1,500–$1,700 $1,717 Median days on market Greater Portland rental market S O U R C E : Vitalius Real Estate Group S O U R C E : Vitalius Real Estate Group