MaineHousing standards drop development costs
Changes to state building standards for affordable housing are expected to bring development costs down by 25% per unit.
The Sun Journal reported that the reduction in per-unit cost from around $197,000 to $150,000 is due largely to changes in energy conservation standards and other standards, like a requirement that subcontractors on any publicly funded project have health insurance.
Bruce Poliquin, state treasurer and MaineHousing board member, told the paper that the lower development cost estimate is based on this year's slate of 19 projects seeking around $2.9 million in federal tax credits each year.
Officials said the new standards — in the housing authority's 2013 Quality Allocation Plan — encourage lower cost affordable housing developments.
Mainebiz web partners
Most Recent
Comments