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.)