Lambert Woods North
Portland, ME
Lambert Woods North, a 72-unit apartment complex in Portland, Maine that will provide critically needed affordable family housing in a growing high-cost market.
This is POAH’s first development in the state of Maine. The future Lambert Woods North is located in Portland’s North Deering neighborhood on wooded land acquired from the city. POAH is the lead developer and is collaborating with local partner Maine Cooperative Development Partners (MCDP) which secured the site through an RFP process issued by the city in early 2021.
The development’s six buildings are designed to the U.S. Department of Energy’s Zero Energy Ready standard and will be sited to maximizes open space and tree coverage while providing optimal exposure for solar energy arrays. The development will feature a mix of 1-, 2- and 3-bedroom rental apartment homes reserved for households earning 60% of Area Median Income (AMI) and seven units will be reserved for referrals from the City’s homeless shelter. The project will also improve the right of way along a busy travel corridor and will incorporate a new city bus stop.
The Maine State Housing Authority (MaineHousing) is providing 4% Low Income Housing Tax Credits, along with low-cost construction and permanent loans. CREA LLC is investing over $11 million in LIHTC and solar Investment Tax Credit (ITC) equity. Permanent financing sources include a $10.1 million first mortgage, $8.49M of MaineHousing subordinate financing, $576,000 of anticipated Efficiency Maine incentives, and $360,000 of City of Portland Housing Trust funds.
POAH is bridging the state energy incentives and Housing Trust funds with a $623,927 Capital Magnet Fund (CMF) loan. A Tax Increment Financing (TIF) agreement with the City was critical to the project’s underwriting.
In addition to the City, North Woods project partners include:
• Maine Cooperative Development Partners (MCDP)
• Building Evolution - energy-efficiency consultant
• Revision Energy - solar partner
• Kaplan Thompson Architects
• Penobscot General Contractors
• Acorn Engineering
• Aceto Landscape Architects