A developer of low-income housing in the Bangor region has been awarded a critical piece of federal assistance that will allow it to complete its largest affordable housing development yet.
As part of the first phase of its project, Penquis is now building a 39-unit, $7.6 million apartment complex in Bangor, on a property just off Broadway between Bangor High School and Broadway Shopping Center. On Monday, the Maine State Housing Authority announced that federal tax credits had allowed Penquis to unlock $6.65 million in private investment to pay for a second, 40-unit complex in the same location. Many of the units will be reserved for seniors.
The Bangor-based organization was able to secure that funding because it was one of four groups in Maine that were awarded support through the federal Low-Income Housing Tax Credit program. Recipients such as Penquis can pass the tax credits onto investors in exchange for them funding the development of affordable housing.