Federal Home Loan Bank of Boston has earmarked $23.5 million for the development or preservation of 456 units of rental housing in Maine, it said this week.
The funding will go toward Augusta, Bath, Biddeford, Kennebunk, Kittery, Lewiston, Portland, Scarborough and South Portland. The grants and loans will be used to help pay construction, acquisition or rehabilitation costs.
It’s part of a New England-wide effort by FHLBank Boston to direct $52.5 million in grants, loans and interest-rate subsidies through its Affordable Housing Program to support 40 affordable housing initiatives. The projects will create or preserve 1,246 rental and ownership units for individuals and families earning up to 80% of the area median income.
