BELFAST — Machias Savings Bank announced today that it will act as equity investor in an affordable housing project currently under development by Realty Resources in Belfast. The $1,978,052 investment aims to fill a regional demand for affordable housing for Maine’s elderly residents and qualifies as a community development investment under the Community Reinvestment Act.
“At Machias Savings Bank, we’ve always been driven to best serve the communities that we call home,” said Matt Walsh, chief financial officer at Machias Savings Bank. “After seeing the plans for this new facility aimed at filling an ever-growing need for affordable housing, we identified this as a project in line with our own drive to help move Maine forward and the bank’s ongoing dedication to the state of Maine. We’re pleased to be involved in bringing this project to life.”
The 25-unit building will feature primarily one-bedroom apartments, and units will be equipped with gas-fired heat pumps to provide both heating and cooling – a feature that’s not typical of other low-income housing. All units are eligible for HUD rental assistance. The project is currently under construction, with an expected completion date of mid-September. Applications for residency will be accepted beginning Sept. 1.
“We recognized a dramatic need for this type of project in the Belfast region. Among the four other affordable housing projects that we manage in Belfast, two of those are for elderly residents, and they consistently have a substantial waiting list,” explained Bill Pearse, chief financial officer at Realty Resources. “We wanted this building to fit into the community, so we worked with local landowners during the planning phase to ensure that they were comfortable with what we were aiming to do, and what we had in mind for the project aesthetically.”
Machias Savings Bank will fund $1,978,052 of the $6.147 million project. MaineHousing is also providing subsidy and financing, and the remainder of the project cost is being financed by government loans and Realty Resources.
“We know that housing is one of the most critical components to well-being and stability – and projects like this are key to meeting the needs of Maine people,” said Daniel Brennan, director of MaineHousing. “We are proud to join the team of partners in making this development a reality for older adults in the Belfast area, and look forward to celebrating the opening of Belfast Acres Estates later this year.”
The project was designed by TAC Architectural Group and is being constructed by The Penobscot Company.
Machias Savings Bank is Maine’s fifth largest community bank with $1.8 billion in assets and 15 branches from Portland to Caribou. Based in Machias since 1869, Machias Savings Bank seeks to move Maine forward through financial health, one person, one business and one community at a time. More details about Machias Savings Bank can be found online at machiassavings.bank. Member FDIC.
Realty Resources has over 40 years of experience in the affordable housing market in Development and Property Management and currently manages over 80 properties, serving 2,000+ apartment homes in four states: Maine, New Hampshire, Massachusetts and Vermont. For more details on available housing units, please visit realtyresourcesmanagement.com.