Building Business: Multifamily housing is in demand — and in the works
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Building Business: Drumbeat of construction continues, from steel girders up
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The owners of Realty Resources, a development and property management firm headquartered in Rockport, have worked in the field of affordable housing for decades.
Joe and Linda Cloutier, who live in Camden, developed their first affordable housing project in 1976. Since then, they’ve developed numerous low-income housing communities. Today, the company manages over 80 affordable, market-rate, assisted living and workforce properties in Maine, New Hampshire, Massachusetts and Vermont.
Currently in development is Belfast Acres Estates, a $6.1 million, 25-unit building featuring primarily one-bedroom apartments and gas-fired heat pumps. (See sidebar.)
Designed by TAC Architectural Group in Bangor, construction by Rockport-based Penobscot Co. is expected to be complete by mid-September. All units are eligible for federal rental assistance. Machias Savings Bank funded $1,978,052 of the project. MaineHousing also provided subsidy and financing, and the remainder is being financed