September 25, 2019 — Boston Capital is investing in the preservation, redevelopment and new construction of Deering Place, a 75 unit mixed-income development for families and individuals in Portland, Maine. The general partner is Avesta Housing, based in Portland. Deering Place will serve families earning 50 percent or less of the Area Median Income (AMI).
“Deering Place represents our 14th investment with our partner Dana Totman and our friends at Avesta Housing,” said Jack Manning, president and CEO of Boston Capital. “Given the market’s incredible demand for affordable housing, we’re excited to be involved in the preservation, redevelopment and expansion of housing in the historic Parkside neighborhood in downtown Portland.”
Deering Place will include the rehabilitation and redevelopment of an existing building as well as the construction of two new residential buildings on adjacent lots. Upon completion, 45 affordable units and 30 market rate units will be available for families and individuals. Twenty percent of the units will be set aside for persons who are homeless or displaced, have disabilities, are victims of domestic violence, or have other special housing needs. An on-site Resident Service Coordinator will provide social services to all residents.
The development will feature 16 studios, 37 one-bedroom, 10 two-bedroom and 12 three-bedroom units. Development amenities will include a 1,300 square foot community room with a kitchenette, a common area laundry facility in each building, and on-site parking for 52 cars. Residents will benefit from the property’s convenient location in downtown Portland, near public transportation on the Portland METRO and longer distance bus routes. The apartment community will also offer storage for bicycles.
Deering Place will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. To date, Boston Capital has invested in nearly 1,500 affordable apartments in Maine.
About Avesta Housing:
Avesta Housing is a nonprofit affordable housing provider with 45+ years of experience as a leader in affordable housing development and property management in southern Maine and New Hampshire. It is headquartered in Portland, Maine and currently has 98 properties, 2,700 apartments, and two assisted-living facilities in its portfolio. Its mission is to improve lives and strengthen communities by promoting and providing quality affordable homes for people in need. Avesta is focused on five areas of affordable housing: advocacy, development, property management, senior/assisted living and homeownership.