The Maine State Housing Authority, known as MaineHousing, announced Tuesday it has allocated more than $30 million for nine affordable housing developments across the state.
The investment consists of $26.2 million in state and federal tax credits that will generate close to $70 million in equity from private investors, plus a $4.2 million subsidy, to build or renovate the developments.
MaineHousing said the funding will create or preserve 430 housing units, of which 388 will serve households at or below 60% of the area's median income.
Out of 15 proposals seeking nearly $12.6 million in federal funding, the Augusta-based agency selected nine developments for funding.
Projects include Szanton Co.'s apartment project in downtown Bath, to provide 42 units affordable units for older adults, and new construction of 45 units of public housing in Maine's most populous city by the Portland Housing Authority. (See the full list below.)