Boston Capital is investing in the renovation of Northfield Green, a 201-unit development for seniors in Portland, Maine.
Originally developed in 1978, the apartment community will be renovated by general partner Community Housing of Maine (CHOM) with the help of approximately $8.5 million in low-income housing tax credit equity provided by Boston Capital.
"Northfield Green represents our sixth investment with our partner and friends at Community Housing of Maine," said Jack Manning, president and CEO of Boston Capital. "Residents of this outstanding property, which serves seniors in need of affordable homes in Portland, will benefit from sustainable interior and exterior renovations."
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. Development amenities include on-site management and leasing offices, a resident service coordinator, controlled entry, laundry rooms, a community room with a kitchen, a solarium, a computer center, lounges, a library, a game room, and a walking trail.
The apartment community is well located in the North Deering neighborhood of Portland with access to public transportation and retail. The property is available to seniors, ages 62 and older, with incomes at or below 60% of the area median income.
Boston Capital's investment in this development adds 201 affordable homes to its apartment portfolio. To date, Boston Capital has invested in more than 3,000 affordable apartments in Maine.
Portland-based CHOM develops, owns, and maintains affordable housing and provides advocacy, supportive housing, community inclusion, and stability for homeless and special-needs populations across the state. It is currently housing more than 1,000 of Maine's most vulnerable people.