Conversion Of School To Housing Requires Developer To Reconcile Different Program Requirements

摘要

A developer had to reconcile different program requirements to convert a vacant historic elementary school in Kennebunk, Maine, into affordable housing using tax-exempt bonds, low-income housing tax credits, Federal Home Loan Bank affordable housing program (AHP) funding, and a Rural Development (RD) Section 515 loan.rnThe two-story Cousens School Apartments, which opened in September, consists of 12 one-bedroom and 16 two-bedroom apartments affordable to tenants earning no more than 60 percent of area median income (AMI). The building was originally an elementary school constructed in 1932, and two additions were subsequently attached to the structure.