A development that will provide 24 affordable housing apartments for older residents of Indian Island will receive $2.1 million in financing from a California company.
Hunt Capital Partners said Wednesday that it closed on the money, which is in the form of federal low-income housing tax credit equity financing. Hunt specializes in the syndication of federal and state low-income housing, historic and solar tax credits.
The money will go toward the construction of Penobscot Elder Homes on Indian Island, which is within the Penobscot Nation Reservation. The development, already under construction, is scheduled for completion in November.
Penobscot Elder Homes will have 16 one-bedroom and eight two-bedroom units for residents 55 and older.
“Like a lot of populations, they are aging,” said Michael Bush, director of the department of housing for the Penobscot Nation. “This is an opportunity for elders who are aging to find housing to age in place.”
He said eight of the units will be ADA-accessible.
The total development cost is $5.79 million. The Penobscot Nation provided $3.4 million in soft construction to permanent loans. MaineHousing provided a $3 million construction loan, and Bangor Savings Bank provided a $750,000 construction loan.