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Council approves Martel School Apartments TIF credit agreements to support 88 affordable senior units
Summary
The council adopted credit enhancement agreements for phase 1 and phase 2 of the Martel School Apartments omnibus affordable housing TIF district, approving reimbursements that together will help fund 88 senior affordable housing units with income limits around 50% area median income.
The Lewiston City Council adopted two credit enhancement agreements supporting the Martel School Apartments omnibus affordable housing tax-increment financing (TIF) district, approving phase 1 and phase 2 by recorded votes of 7-0. The agreements provide reimbursement to the developer of 75 percent of new property taxes over multi-year schedules to help close financing gaps for a senior affordable housing development at Lisbon Street and East Avenue.
Why it matters: Council and staff said the TIFs will help the Lewiston Housing Authority and its development partners close financing gaps for senior housing targeted to residents at or below 50 percent of area median income (AMI). Councilors were briefed on the project pipeline and how the city uses TIFs to shelter new valuation from certain state aid calculations.
The development:…
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