**Affordable Seniors Housing Development Begins Construction in Freeport, Maine**
Construction is now underway on Varney Heights, a new 42-unit affordable housing community for seniors located in Freeport, Maine. Spearheaded by WNC & Associates in partnership with investor CVS Health and co-developers Freeport Housing Trust and Best Apartments, Inc., the $16 million project is slated for completion in September.
“Varney Heights represents an important investment in Freeport’s future, especially for the older adults who have helped shape this community,” said Matt Peters, Executive Director at Freeport Housing Trust.
The development, situated on Varney Road, is being financed through a mix of public and private funding sources. Bath Savings Bank is providing a $12.2 million construction loan, while MaineHousing will support the project with a permanent loan and two additional soft financing loans. Freeport Housing Trust is also contributing a soft loan. Additionally, WNC and CVS Health are supplying $8.7 million in equity funding through the Low-Income Housing Tax Credit (LIHTC) Program.
Varney Heights is expected to enhance access to quality, affordable housing for senior residents in the Freeport community.
