PRESQUE ISLE, Maine — A Portland-based property management firm will use some $2 million in federal housing funds to upgrade McCulley Commons, an affordable-housing facility.
Rosa Scarcelli, president and chief executive officer of Stanford Management LLC, met with city officials and economic development leaders in Presque Isle recently to acknowledge receipt of the funding.
The company was founded in 1999. Its portfolio consists of more than 2,000 units in Maine, Pennsylvania, Mississippi and Connecticut, according to the company’s Web site. The company offers housing opportunities for senior citizens, people with disabilities and families.
The company manages more than 80 affordable-housing facilities in Maine — including in Brunswick, Old Orchard Beach and Madawaska.
Dennis Bailey, spokesman for Stanford Management, said Wednesday that the company secured a total of $25.5 million in federal funds from the Department of Agriculture’s Rural Development program through the Multifamily Preservation and Revitalization program. It also received capital loans from Machias Savings Bank.
The money for McCulley Commons on Erskine Street “will be used for a number of projects, including to make upgrades to some of the units and to put new siding on the facility,” Bailey said.
“She plans to hire local help, including contractors and vendors,” Bailey said, speaking of Scarcelli. “This is going to put a number of people to work and will help people in these tough economic times. This is going to be a $2 million infusion into the local economy.”
The construction is expected to start in the coming weeks.