July 28, 2015
July 28, 2015– Project partners, local officials, investors and supporters will gather at 110 Cony Street to celebrate the grand opening of the creative rehabilitation and reuse of the Cony Flatiron Building.
The Cony Flatiron Building, overlooking Cony Circle in downtown Augusta, Maine, was constructed in the early 1920’s the building, named for its “flatiron” wedge-shape, served as the city’s public school until 2006. Following its closing in 2006, the building sat vacant and the city supported the maintenance at a cost of $75,000 per year.
Led by Cynthia Taylor, President of Housing Initiatives of New England Corporation, financing was put in place to convert the vacant building into affordable senior apartments. The building is now home to 48 one- and two-bedroom affordable senior apartments. Twenty-nine units are reserved for tenants with 50% or less of the AMI, and nineteen are reserved for tenants with 60% or less of the AMI.
The rehabilitation was funded with tax credits from federal LIHTC Program awarded by the Maine State Housing Authority. The project also received a Community Development Block Grant and grant money from the Federal Home Loan bank of San Francisco. Today we celebrate the efforts of Housing Initiatives of New England and NDC Corporate Equity Fund as they welcome tenants to the senior affordable housing community.