Construction has started by Developers Collaborative (DC) at Harrison Ridge, a new development of affordable apartments for low-income, 55-plus residents located at 15 Harrison Road in Bridgton.

Construction will take approximately 13 months, and the development is expected to open in December 2023. 

The project timeline aligns well with the Town of Bridgton’s ongoing investments in the expansion of its municipal wastewater system. 

“Bridgton is excited to welcome its first affordable housing development served by the LIHTC Program in our downtown area,” said Victoria Hill, Community Development director of the Town of Bridgton. “Developers Collaborative has been a great partner in contributing to the town’s mission of creating a vibrant and walkable downtown for all ages and economic backgrounds.”

The housing development is located in a quiet wooded area within walking distance of downtown Bridgton. The building features 48 one-bedroom apartments, and resident amenities include a community room and an outdoor patio with raised garden beds. The building design employs universal design principles.

A diversity of funding sources totaling $13 million covers the project’s total development costs. Evernorth, a nonprofit organization that provides housing and community investments in Maine, New Hampshire, and Vermont, provided a tax credit equity investment of $4.3 million.

The project will be the first in Bridgton to utilize equity from the federal Low-Income Housing Tax Credit (LIHTC) allocated by MaineHousing. MaineHousing is also providing construction and permanent loan funding. Additional funding was provided via Cumberland County HOME funds and a Credit Enhancement Agreement with the Town of Bridgton through an Affordable Housing TIF District.

Developers Collaborative, a leading real estate developer in Maine, is the developer of the project. DC employs a community and listening-based approach to planning to create developments that enhance their surrounding neighborhoods and address community needs. 

The project team also includes Portland-based Archetype Architects as the project architect and Falmouth-based Penobscot General Contractors as the Construction Manager.