By Staff
The final piece is in place for Szanton Co. to begin work on a 50-apartment project on the site of the former YMCA in downtown Bath.
The developed recently received approval of an affordable housing tax credit allocation from MaineHousing that allows Szanton to reserve roughly 70% of the units for those earning $25,000 to $38,000 a year, with rents ranging from $690 to $890 for a one-bedroom unit. The income restrictions and rents are set annually by the Department of Housing and Urban Development, and are based on the area median income.
The remaining 30% of the apartments will be rented at market rates, without limits to tenant income. The majority of the new apartments will be set aside for households age 55 or older. All of the 46 apartments in the new building at 26 Summer St. will be fully accessible by elevator.