December 4, 2017

Mixed-use development with low-income housing breaks ground in Auburn

Courtesy / Auburn Housing Development Corp.
Courtesy / Auburn Housing Development Corp.
Pictured left to right at the 62 Spring St. groundbreaking in Auburn are: Bill Shanahan, president of Northern New England Housing Investment Fund; Jim Robbins, senior vice president at Bangor Savings Bank; Kevin Reilley, president of Benchmark; John Gallagher, director of Maine Housing; Sharon Philbrook Bergeron, president of Auburn Housing Development Corp.; and Jonathan LaBonté, mayor of Auburn.

Developers broke ground on a mixed-use site with low-income housing in Auburn.

The groundbreaking was Nov. 30 at 62 Spring St., across from a Hannaford store.

Developer Ethan Boxer-Macomber partnered with Auburn Housing Development Corp. on the 41-unit housing development, which will have 32 units that qualify for low-income housing tax credits and nine units that will be available at market rate.

The site also includes 2,400 square feet of ground-floor commercial space.

The project received an array of financing, including a pre-development loan from the Genesis Community Loan Fund to pay for the demolition of the former Dillingham Funeral Home.

Maine Housing awarded tax credits in late 2016, but only after three attempts by the developer.

Construction is being financed by a network of loans, equity and grant funding: Delayed equity from Northern New England Housing Investment Fund, a construction loan from Bangor Savings Bank, bridge loans from Maine Housing, a National Housing Trust Fund grant and supplemental financing from Auburn Residential Development Corp.

The project also received a HOME loan and tax increment financing from the City of Auburn, will allow this urban infill development to be constructed over the next year.

Building will be done by Benchmark Construction of Westbrook.


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