BOSTON, MA - Boston Capital is investing in the construction of 409 Cumberland Avenue Apartments, a 57-unit development for families located in Portland, Maine. The development will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The developer is Avesta Housing Development Corporation, based in Portland, Maine.
The construction of 409 Cumberland will generate $5.8 million in local salaries and create more than 87 new jobs in the Portland area. Boston Capital's investment in the development adds 57 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in approximately 2,600 units of affordable housing in Maine.
Located within a mixed commercial and residential neighborhood in downtown Portland, 409 Cumberland will feature a four-story building providing 21 studios, 32 one-bedroom and four two-bedroom apartments. Forty-six of the units will be available to families earning 60 percent or less of the Area Median Income (AMI), while the remaining 11 will be at market rate.
409 Cumberland will encourage "healthy living" by featuring common spaces for healthy food preparation workshops, exercise classes and a community rooftop gathering area with a planting bed and greenhouse for residents. Community amenities will also include a multi-purpose room, an instructional kitchen, interior bike storage, a resident services office and laundry facilities.
"Boston Capital is pleased to partner with Dana Totman and Avesta Housing in the new construction of 409 Cumberland in downtown Portland, providing residents with quality affordable housing in an urban setting," said Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. "We applaud Dana's efforts to offer components that encourage healthy living through exercise and food preparation classes as well as the installation of a rooftop garden for residents."
409 Cumberland is located near business, entertainment and government services in the Portland Downtown District as well as neighborhood services such as retail shopping and restaurants, schools, and parks and recreation facilities.
About Boston Capital: Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in tax advantaged investments in affordable multifamily housing and equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,150 multifamily apartment properties in 49 states and the District of Columbia, constituting more than 153,500 apartments with a development cost in excess of $15.1 billion. Boston Capital is one of the largest owners/investors of apartment properties in the United States.
About Avesta Housing Development Corporation: Avesta Housing is a non-profit corporation located in Portland, ME whose mission is to promote and provide housing opportunities primarily for Southern Maine people in need. Avesta advocates for affordable housing, develops and manages high quality housing, and helps residents access other needed services. Founded in 1972, Avesta has grown to become one of the country's most innovative and respected leaders in affordable housing. Avesta currently maintains a portfolio of over 1,900 housing units and today is one of the largest nonprofit developers of affordable housing in New England.