PORTLAND, Maine — In a significant move to address Portland’s affordable housing crisis, WNC & Associates, Avesta Housing, and Reveler Development have officially broken ground on 89 Elm Apartments, a new 201-unit affordable housing community in downtown Portland. The $87.8 million development aims to provide critical relief in one of Maine’s most competitive rental markets.
Located at 89 Elm Street, within walking distance of essential services and public transportation, the community will serve households earning up to 60% of the Area Median Income (AMI). The project marks WNC’s fourth affordable housing community in Portland and follows the successful completion of Riverton Park nearby.
“With virtually no vacancies and extensive waiting lists at comparable properties, the need for affordable housing in Portland is clear,” said Anil Advani, Executive Vice President of Originations and Finance at WNC. “89 Elm represents a transformative opportunity to bring thoughtfully designed, energy-efficient homes to the heart of the city.”
The six- to eight-story building will offer a range of housing options, including 39 studios, 141 one-bedroom units, and 21 two-bedroom apartments. Each apartment will feature modern finishes, energy-efficient appliances, composite plank flooring, air conditioning, window blinds, and secure storage.
Beyond individual units, 89 Elm is designed with community living in mind. Residents will have access to a community room, fitness center, social services office, common lounge areas, on-site laundry, bike storage, and Wi-Fi-enabled common areas. Security measures include controlled-access entry and surveillance cameras throughout the property.
“This is an exciting project for Reveler Development,” said John Laliberte, Principal at Reveler. “Our vision for this master-planned site has always included a diversity of housing options. Our partnership with Avesta is a great model for addressing the housing shortage in this challenging environment.”
Complex Financing Reflects Strong Public-Private Support
The project’s $87.8 million development cost is being supported through a combination of public and private financing. Key funding sources include:
- $35.5 million in Low-Income Housing Tax Credit (LIHTC) equity from WNC
- $54 million construction loan from MaineHousing, which will convert to a $21.73 million permanent loan
- $23.72 million soft loan from MaineHousing during construction
- $2.14 million Brownfield Revolving Loan Fund (RLF) loan
- $1.04 million in Efficiency Maine funds via Avesta Development
Avesta Housing, a leading nonprofit developer in northern New England, will serve as the co-developer and long-term operator of the property.
Construction is scheduled to be completed by 2027, with the project poised to make a lasting impact on Portland’s housing landscape.
