MaineHousing awards $2.9 million in affordable housing tax credits

WASHINGTON, D.C. – December 03, 2015 – (RealEstateRama) — Five affordable housing projects for homeless veterans, seniors, and families will share nearly $2.9 million in federal Low Income Housing Tax Credits (LIHTC) allocated by MaineHousing through a competitive selection process.

Cabin in the Woods is not a traditional bricks-and-mortar housing development, according to June Koegel, chief executive officer of Volunteers of America Northern New England, the developer of the project. In partnership with the Veterans Administration, VOANNE secured a 75-year lease for 11 acres on the Togus site to develop what will look like a traditional Maine camp with a community center and 21 privately situated energy-efficient cabins for homeless veterans.

Interest in the LIHTC program was high. Sixteen projects submitted applications requesting a combined $8.9 million in tax credits. The federal government allocates approximately $3 million in tax credits to Maine each year, and they are awarded through a federally required competitive scoring system called the Qualified Allocation Plan.

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