A recent article in Mainebiz recognizes NewHeight Group as a Portland developer working with the city’s new “inclusionary zoning” requirement by providing rental units in conjunction with Luminato.
Luminato is the first housing project that satisfies the new ordinance by providing workforce housing units rather than paying a fee to the city. Rental workforce housing units are defined as dwelling units with rents affordable to households making up to 100% of the area median income.
NewHeight Group met this requirement by selling a building in the East End to non-profit developer Community Housing of Maine (CHOM) at a discounted price. That discount helped CHOM provide the equity necessary to secure a loan for acquisition and rehabilitation of the 3-unit building.
CHOM will help NewHeight Group meet the Inclusionary Zoning ordinance over the 99-year period by maintaining the rents at affordable levels, providing the necessary screening to ensure this benefit goes to tenants who are income eligible under the ordinance, and verifying this to the City in accordance with the requirements of the ordinance. As a non-profit affordable housing developer, CHOM is set up to do this type of screening and reporting, whereas most for-profit developers are not.
NewHeight Group is proud to provide great affordable housing in one of Portland’s most popular neighborhoods. Housing that will remain affordable for the next century.
See the whole article at Mainebiz: http://www.mainebiz.biz/article/20170206/CURRENTEDITION/302039993