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December 22, 2017

South Portland board OKs Avesta's $13M project

Avesta Housing got the approval of South Portland's Planning Board for its $13 million, 64-unit mixed-income housing project at 586-600 Westbrook St.

The Forecaster reported that the five-story building will include four floors of rental housing, with the first floor being occupied by a 4,000-square-foot retail area and office space for the Opportunity Alliance's Neighborhood Resource Hub. The apartments are expected to be available for occupancy by September 2019.

Avesta still faces some financing hurdles, with the Forecaster reporting that Avesta development officer Tyler Norod said almost $7 million in low-income housing tax credits distributed by the Maine State Housing Authority is needed to help finance $9.5 million in construction costs.

Norod told the newspaper that the MSHA grant would be the largest segment of the financing for the project, adding that Avesta expects to learn by late March if it's grant application is successful.

Avesta also seeking a $3.8 million loan from the U.S. Department of Housing and Urban Development, and a $500,00 Federal Home Loan Bank of Boston subsidy to pay for development and operations, the newspaper reported

Avesta is partnering with Quang Nguyen, owner of Le Variety, on the project, which is being designed by Kaplan Thompson Architects of Portland.

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