National Equity Fund, Inc. National Equity Fund, Inc.

Extraordinary things happen when you have great partners
Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

Gilman Place

Gilman Place

Historic & Preservation

Gilman Place, in the Maine town of Waterville, consists of 35 affordable residences for families housed in the town?s old high school, which had been vacant for years and is listed on the National Register of Historic Places.

The redevelopment of the building transformed an eyesore in what was otherwise an excellent location -- an attractive, middle-income neighborhood blocks from the center of a typical New England small town. The new apartments include 15 one-bedroom, 13 two-bedroom and seven three-bedroom residences, 13 of which are fully handicapped accessible. All residences are LIHTC units targeted to households with incomes at or below 60 percent of Area Median Income (AMI), with 21 units targeted to households at or below 50 percent of AMI. In addition to low-income tax credits, the property was developed with historic tax credits from the federal and state governments.

The partnership responsible for the Gilman Place development consists of the nonprofit Coastal Enterprises, Inc. and a limited liability company, Deep Cove II, whose principals Richard Berman, Jim Hatch and Kevin Bunker had developed eight LIHTC projects totaling more than 260 residences as of 2011. Gilman Place is typical of Deep Cove?s projects, which usually involve Deep Cove steering a project to completion and then turning operations over to the nonprofit organization that conceived the project.


Project Details

Completed
2011
Location
21 Gilman Street
Waterville, ME
Project Type
Historic Rehabilitation
Family
Total Units
35
Mix of Residences
15 - 1 BR
13 - 2 BR
7 - 3 BR
Limited Partnership
Gilman Place Associates, LP
Tax Credit Equity
$5.8 million
Total Project Costs
$10.2 million
Sponsor
Coastal Enterprises, Inc.
Permanent Lenders
Maine State Housing Authority
City of Waterville
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