WNC & Associates Partners with Portland Housing Authority for $117M Riverton Park Affordable Housing Redevelopment

In a significant stride towards addressing the pressing need for affordable housing, WNC & Associates, in partnership with the Portland Housing Authority, has embarked on an ambitious redevelopment and expansion project at Riverton Park in Portland, Maine. This $117 million venture promises to deliver much-needed enhancements and additions to the 182-unit community, located merely four miles northwest of the bustling downtown Portland.

WNC, a family-operated organization with a storied history in the affordable housing sector, is at the forefront of revitalizing Riverton Park. The commitment is set to be one of the largest investments in affordable housing within Maine and surrounding areas. The development encapsulates not only the rehabilitation of 118 existing units but also, the construction of a new 4-story building that will introduce 64 supplementary units. This expansion aims to bolster Riverton Park's role in providing affordable living spaces targeted towards households earning 50% to 80% of the Area Median Income (AMI). In an endeavor to ensure lasting affordability, 110 units will benefit from project-based rental assistance.

Residences will boast a wide array of energy-efficient features and modern interiors, enhancing living standards with amenities such as washer and dryer hookups. With the focus on sustainability and energy efficiency, the existing structures are slated for considerable enhancements. Meanwhile, the new building plans to secure Passive House certification, a coveted testament to energy efficiency and ecological responsibility.

Anil Advani, Executive Vice President of Originations and Finance at WNC, echoed the significance of this initiative, “Riverton Park has long been a vital part of Portland’s affordable housing landscape. This project continues that legacy while modernizing the community for today’s residents. By combining preservation and new construction, we’re meeting urgent demand while enhancing the quality of life for hundreds of families.”

The reinvention of Riverton Park extends beyond bricks and mortar. The master plan includes enriching community facilities, such as a sizable health clinic operated by Greater Portland Health and vital communal spaces engineered to promote social interactions and community building. These amenities are part of a holistic approach to foster a thriving atmosphere where health, community, and opportunity intersect seamlessly.

In a commendable collaboration between public and private sectors, the funding matrix for Riverton Park's revitalization and augmentation comprises a mix of resources. Notably, equity from the Low-Income Housing Tax Credit (LIHTC) program, coupled with construction and permanent financing courtesy of Maine State Housing Authority, constitutes the financial backbone. Additional support flows in from the City of Portland and the Portland Housing Development Corporation.

With an estimated completion date set for late 2027, Riverton Park stands poised to redefine affordable housing, serving as a beacon for the industry's potential to revolutionize living spaces while nurturing enduring communities.