The Affordable Housing Tax Credit Coalition (AHTCC) announced Sept. 23 that Southgate in Scarborough, Maine, is a 2021 recipient of the Charles L. Edson Tax Credit Excellence Award in the Rural Area category, recognizing affordable housing developments and organizations that have demonstrated impactful use of the Low-Income Housing Tax Credit (Housing Credit).
Presented annually, the Edson Awards honor Housing Credit developments that strengthen communities, improve resident opportunities and support economies in urban, suburban and rural areas across the country. This year, the awards coincide with Congress’ consideration of budget reconciliation legislation that would make major investments in housing infrastructure at a time when communities nationwide face ongoing economic challenges and housing insecurity from the lingering effects of the COVID-19 pandemic.
“Affordable homes developed with the Housing Credit prove that an effective solution exists for the housing crisis that continues to impact communities and families nationwide,” said AHTCC Executive Director Emily Cadik. “This year, we are awarding properties serving veterans, individuals suffering from opioid addiction, and low-income senior citizens, in addition to outstanding affordable housing preservation efforts and new construction built to meet the needs of surrounding communities. These are just a few examples of what the Housing Credit achieves every day to provide much-needed affordable housing.”
Southgate, developed by Avesta Housing, is a historic landmark repurposed to create affordable housing in a high-cost growing community. Southgate provides 38 much-needed affordable homes for individuals and families with incomes between 30 and 60 percent of Area Median Income (AMI), with eight of the homes reserved for people who have experienced homelessness. Southgate consists of studio, one-, two, and three-bedroom apartments in two separate buildings: Eight homes are located in a rehabilitated brick historic farmhouse and 30 homes are located in a newly constructed building.
Development was funded with multiple resources, including the 9 percent Housing Credit, a combination of Affordable Housing Program awards from two different Federal Home Loan Banks, federal and state historic tax credits, tax increment financing, below market debt, a sponsor loan, and a grant. Syndication for the property was provided by Boston Capital. Southgate was renovated from a historic farmhouse built in 1805 by Robert Southgate. As one of the town’s oldest surviving structures, the property is a Maine landmark and a key part of Scarborough’s cultural heritage. Southgate is the first-ever adaptive reuse of a farmhouse in Maine and stands as one of the best examples of a preserved, Federal-style brick farmhouse in New England.
“The Charles L. Edson Tax Credit Excellence Award is one of the most prestigious awards to be bestowed upon affordable housing developments in the country, and we are honored to be among this year’s recipients,” said Dana Totman, president and CEO of Avesta Housing. “It is testament to our commitment to provide safe, quality affordable housing to residents in Maine and New Hampshire.”
Since 1986, the Housing Credit has financed more than 3 million homes for low-income households, including and formerly homeless individuals and families, people with disabilities, veterans of the armed forces, and senior citizens. Through public-private partnerships, the Housing Credit offers a proven track record of financing safe, modern and well-designed affordable homes in communities where they are needed most.
“The Edson Award winners this year demonstrate the flexibility of the Housing Credit to meet the needs of households and communities from Eagle River, Alaska; to Wichita Falls, Texas; to Scarborough, Maine,” said Matt Josephs, AHTCC Board President and Senior Vice President for Policy for the Local Initiatives Support Corporation. “As we continue to confront the impact of the pandemic, it is vital that tools like the Housing Credit are enhanced and strengthened, so that we can better address our national housing crisis that grows more urgent by the day.”
For more information about the 2021 Edson Awards, please visit taxcreditcoalition.org/edson-awards/.
