Boston Capital announced that it is investing in the construction of Pearl Place II, an affordable housing development in Portland, Maine.
The 54-unit family development will adjoin the 60-unit first phase of Pearl Place, which is fully leased.
The new development will feature 26 one-bedroom, 17 two-bedroom, and 11 three-bedroom apartments available to families earning no more than 60 percent of the area median income. Approximately 11 units will be reserved for formerly homeless or displaced residents.
The general partner is Pinecone Housing Corp., a for-profit subsidiary of Avesta Housing Development Corp. in Portland.
Located in downtown, the development gives residents access to public transportation, stores, schools, and jobs.
Boston Capital, a national low-income housing tax credit syndicator, has invested about $9.8 million into the development.
The construction of Pearl Place II is estimated to generate $3.9 million in local income and approximately 82 jobs in the Portland area.
