Westbrook Development Corporation has the ability and expertise to access a myriad of local, state, and federal programs. In many cases, qualification for one or more of these programs can determine the feasibility of development.
State and Local
MaineHousing offers several programs to encourage private development of affordable rental housing for families, seniors, and people will special needs. Low-income housing tax credits, development loans, direct development subsidies, affordable housing tax increment financing, and options to restructure debt are available. Developers are required to ensure that housing developed with MaineHousing financing remains affordable.
Low Income Housing Tax Credit Program
The Low Income Housing Tax Credits are a federal resource that MaineHousing allocates in Maine. The credits are allocated to developers, who sell (syndicate) them to corporate investors. Money raised from the sale is used as equity in the developer’s rental housing project.
Rental Loan Program
The Rental Loan Program (RLP) provides long-term mortgage financing at attractive interest rates for development of affordable rental housing in projects of five or more units.
Supportive Housing Program
The Supportive Housing Programs (SHP) provide reduced interest rate debt financing and subsidy funds to eligible nonprofit developers to create housing for low- and very-low-income people with special needs.
Pre-Development Loan Program
The Pre-Development Loan (PDL) Program provides interest-free funds to help nonprofit developers of affordable housing start their projects. There is no payment until the end of the loan term or until the project’s construction financing is secured.
Affordable Subdivision Program
The Affordable Subdivision Program offers developers a forgivable loan in exchange for homes within the subdivision that will be reserved for families that would qualify under our First Home Program.
Revolving Loan for Acquisition Program
The Revolving Loan for Acquisition Program provides loans to assist developers in the acquisition of land or land and buildings for the development of affordable housing projects. Eligible projects include those that qualify and have applied (or will apply) to the tax credit financing programs and those that will create supportive housing units for people with special needs. Repayment is deferred until the project’s permanent loan closing or the end of the term.
Affordable Housing Tax Increment Financing Program
The Affordable Housing Tax Increment Financing (AHTIF) Program enables communities to dedicate the incremental tax revenues from new affordable housing development to help make the housing affordable or to pay for related costs.
Loan Modification Program
The Loan Modification Program offers owners of MaineHousing–financed multi-family properties the opportunity to restructure MaineHousing debt by modifying interest rates, extending loan terms, or both. Loan modifications generally carry lower debt service payments in return for extended project affordability.
Subsequent Loan Program
The Subsequent Loan Program provides additional financing to owners of existing MaineHousing– financed properties for such things as unanticipated operating shortfalls, capital improvements, and creation of new units.
Multi-Family Home Energy Loans Program
The Multi-Family Home Energy Loans Program provides low-interest loans for multi-family housing improvements that increase energy efficiency and conservation of resources.
Federal Home Loan Bank/Affordable Housing Program
The Affordable Housing Program (AHP) allows the Federal Home Loan Bank of Boston to address, in partnership with member institutions, affordable-housing needs primarily in communities across New England. A portion of the Bank’s net earnings funds the program, which awards grants and low-interest advances, or loans, through member institutions.
The AHP encourages local planning of affordable-housing initiatives. The Bank’s member institutions work with local housing organizations to apply for funds to support initiatives that serve very low- to moderate-income households in their communities.
Each year, funding for projects submitted to the AHP by member institutions is awarded in two competitive rounds. Subsidized loans (advances) and direct subsidies (grants) are available. Actual terms are determined by the member financial-institution applicant, based on the specific needs of the development.