The Houlton Band of Maliseet Indians Tribal Housing Authority (HBMITHA) recently completed construction on its first Low Income Housing Tax Credit (LIHTC) project, which rehabilitated 28 homes in Houlton, Maine. Families are moving in to their new, improved homes.
Out of the 28 homes, 11 units previously held only one bedroom, but now after rehabilitation, these homes have been converted into much needed two-bedroom units that have more space. The project includes 12 total two-bedroom units, 15 three-bedroom units and one four-bedroom unit. Construction began in May of 2014 and was completed last month.
The total project cost was $4.7 million, with Alden Torch Financial (previously Hunt Capital Partners) contributing investor equity of $3.4 million. The HBMITHA also received a $250,000 grant from the Federal Home Loan Bank of Boston’s Affordable Housing Program (AHP). The FHLBBoston featured this project in its quarterly profile. See the story and pictures here. The Houlton Band and Bangor Savings both provided construction financing which was critical to the feasibility of the project.
Recently I was able to visit the completed project and tour one of the rehabilitated homes. Before, the exteriors of the homes were in very poor condition. Inadequate insulation and inefficient heating systems created a financial burden for tenants responsible for utility costs. The units were originally constructed in 1991, so after 23 years, the units needed to be updated. Watch a video of the tour below to see the new features and energy-efficient appliances.
In addition to rehabilitated homes, the Maliseet Revitalization Project #1 will also include an onsite recreational area with computers and Internet access. Areas for activity are also part of the project, including a playground, community garden plots and a bike trail within a half mile of the site.
The tribe and the housing authority have taken a holistic approach to this development by providing a multimillion dollar health complex within walking distance of all the units. Multiple health services are offered under one roof to residents of the project, reinforcing the tribe’s commitment to helping with immediate and long-range health needs.
We are so excited to congratulate the Houlton Band of Maliseet Indians Tribal Housing Authority on completing their first LIHTC project! Read more about the project and see a gallery of photos on this project page.