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Council approves Prosperity Place lease and credit enhancement for 1125 Brighton Ave. to add workforce and family affordable housing
Summary
The City Council approved a ground lease and a package of municipal development and credit‑enhancement agreements to advance an affordable housing project at 1125 Brighton Ave. led by Prosperity Maine (Prosperity Place).
The Portland City Council on Monday approved a set of companion orders to advance an affordable housing development at 1125 Brighton Avenue, awarding a ground lease and authorizing municipal development program and credit‑enhancement agreements to support the project.
The development team led by Prosperity Maine will proceed under an option and lease agreement with the city and will seek state low‑income housing tax credit financing. Councilors approved the lease/option, a municipal development program and credit enhancement (a TIF‑style assistance) to make the financing package viable; staff requested emergency passage on the financing orders to meet the state funding timeline for the 2025 housing finance cycle.
Why it mattered: Councilors…
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