PORTLAND, Maine — Boston Capital will invest an undisclosed amount of capital toward the renovation of Northfield Green, a 201-unit apartment property for seniors in Portland.
The general partner on the project is is Community Housing of Maine (CHOM), based in Portland. Originally developed in 1978, the apartment community will be renovated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program.
"Northfield Green represents our sixth investment with our partner and friends at Community Housing of Maine," says Jack Manning, president and CEO of Boston Capital. To date, Boston Capital has invested in more than 3,000 affordable apartments in Maine.
Northfield Green features three residential buildings and one community building. Located on 19 acres approximately four miles northwest of the Portland Central Business District, the property offers 200 one-bedroom units and one two-bedroom unit.
Exterior renovations will include new windows in all units, exterior lighting, exterior painting, roof truss repairs, insulation, boilers and attic access. Common areas will have new flooring and wiring. Unit repairs will include replacement of appliances, cabinets, countertops, toilets, lighting and life safety items.
The property is available to seniors, ages 62 and older, with incomes at or below 60 percent of area median income (AMI).