Work on $4.2 million project to start in August
WISCASSET — Coastal Enterprises, Inc. has announced a $600,000 financial commitment toward an affordable housing project in downtown Houlton’s Market Square planned for Fall, 2009.
Drawing courtesy of Coastal Enterprises, Inc.
ON THE DRAWING BOARD — This artist rendering shows the 28-unit senior citizen apartment building that is scheduled to be constructed in Market Square in what is now the Temple Theater parking lot. The finished building is expected to be open by Fall 2009 and local officials are calling the project a major boost for downtown.
“There is a need to revitalize housing within the Square and there has to be new private capital to assist in the effort. The CEI project meets these needs, while providing quality affordable housing to an important segment of our population,” said Doug Hazlett, Houlton’s Town Manager.
Residents who meet eligibility standards will pay rents of $430 to $575 per month, including all utilities. The 28 units will be rented to seniors who are in 1- and 2-person households. There will be a resident services coordinator on site to assist in linking residents with local services and transportation. Though this assistance will be available, the housing is not intended for seniors with critical health care needs that would be better served in an assisted living or medium-to-long term health care facilities. The project will also set aside up to five units for persons with visual impairments. The management team will work directly with The Iris Network to coordinate referrals, follow up services and linkages in the community. Although the rents are not subsidized, they are targeted to fixed-income seniors, whose are at or below 60 percent of the median income. In addition, the project will maintain a preference for any applicants holding a valid Housing Choice Voucher that meet the eligibility criteria for residency. It will be a non-smoking facility.
The building will be three stories high and will have elevators. It will offer several common spaces that feature the views of the adjacent Meduxnekeag River and provide congregate space for social functions. While set back from the square, the building will incorporate elements of the historic district of the neighborhood.
Market Square is the heart of downtown Houlton, Maine, the Aroostook County seat of rural Maine’s largest county. Houlton has the well-known distinction of being at the very beginning (“southern Maine might say the end,” quipped Hazlett) of I-95, a busy entrance into the U.S. from Canada. Houlton is the service center community for all of southern Aroostook County. Market Square is an old fashioned town square with a center green, a local theater, banks, gift shops, pharmacy and small cafes.
Promoting smart growth and anti-sprawl development, this is the ideal location for elderly housing, say officials. It is within walking distance to all of downtown Houlton. The project exemplifies what an in-town, smart growth project should look like, and it exemplifies downtown revitalization.
"The Board of the Southern Aroostook Development Corporation is thrilled that CEI chose Houlton as a location for its affordable senior housing project. Houlton officials have learned that the first step to an emerging downtown is to have a good residential core. Several other business opportunities can arise as the result of this housing project.” said Jon McLaughlin, Executive Director of SADC.
CEI is the sponsor of this project and will be the developer. The project will hire Preservation Management Inc. for on site property management. It has already received planning board approvals and is on target to begin construction in August 2008.
The project will deploy some of the latest technology in efficient heating technology to lower operating costs, as well as use solar power for preheating hot water. The need for these units was assessed in a thorough study, demonstrating an increasing demand for senior housing due to the spike in the 55-65 age group.
Allowing seniors in Northern Maine the opportunity to live in-town in an affordable, healthy apartment is what the State Planning office, the Governor’s office and most planners recommend as the wave of the future. The project has received approval for 15-year Tax Increment Financing (TIF), which will assist with keeping rents low. The total cost of the project is $4.2 million. After CEI’s loan, the balance of the financing comes from Maine State Housing Authority and the sale of tax credits.
The development team is one with many years experience with Maine housing, specifically in Tax Credit developments. John Egan of CEI will act as developer. He has developed three other tax credit projects for CEI as well as others in Alaska. Richard Higgins is the design professional responsible for all aspects of architectural and building appearance. Wright-Pierce engineers have done all the site design work, facilitated the permitting process, and will remain on board for oversight during construction. Michael Sheehan of Preti Flaherty is the attorney for the project and will provide tax advice. Tom Gioia of Otis Atwell Timberlake CPA will perform as project accountant and prepare all audits, cost certifications and tax returns. In addition to property management, Preservation Management Inc. will also handle resident services coordination.
