PORTLAND, Maine, July 24, 2025 (GLOBE NEWSWIRE) — WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, and the Portland Housing Authority have announced the redevelopment, rehabilitation and expansion of Riverton Park, a 182-unit affordable housing community in Portland, Maine.
Located at 2 Riverton Drive and approximately four miles northwest of downtown Portland, Riverton Park represents one of the most significant investments in affordable housing in Maine and the region. This project will have significant benefits to the Riverton community and provide greater housing options for a neighborhood close to major employers, retail, transit, and schools.
The $117 million development includes the renovation of 118 existing units and the new construction of a 4-story building with 64 additional units. Riverton Park targets households earning between 50% and 80% of the Area Median Income (AMI). Notably, 110 units will include project-based rental assistance, ensuring long-term affordability for residents.
The community will offer a diverse mix of floorplans — ranging from studios to six-bedroom townhomes — designed to accommodate households of all sizes. Each residence will feature energy-efficient appliances and modern interiors, including washer/dryer hookups in townhouse units. The renovation will significantly improve the energy efficiency of existing buildings. New continuous insulation, new windows, new roofs, and air sealing will make homes healthier and more comfortable for families. The new construction building will obtain Passive House certification and feature controlled access and elevator service.
“Riverton Park has long been a vital part of Portland’s affordable housing landscape,” said Anil Advani, Executive Vice President of Originations and Finance at WNC. “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.”
Beyond the homes themselves, Riverton Park is being reimagined to foster community, health, and opportunity. In the new building, a health clinic will be built for Greater Portland Health, a local non-profit health care provider. This will quadruple the size of the current health center and enable a significant expansion of basic, affordable healthcare services to be provided to the Riverton community. Other amenities include a community garden, recreation field, after-school educational study center, teen center, activity room, and community kitchen. The entire community will have access to on-site playgrounds, laundry facilities, surveillance cameras, and on-site management.
Riverton Park will be financed through a combination of public and private funding sources. This includes equity from the Low-Income Housing Tax Credit (LIHTC) program, along with construction and permanent financing from Maine State Housing Authority. Additional support includes funding from the City of Portland and Portland Housing Development Corporation.
Construction is expected to be completed in late 2027.
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. To learn more, visit: https://www.wncinc.com/.
About Portland Housing Authority
PHA’s mission is to provide and expand affordable housing and services that improve quality of life, build community, enhance safety and promotes personal success for the people they serve and the neighborhoods in which they reside. PHA has served Mainers in need with permanently affordable housing for over 80 years PHA, in concert with public and private partnerships, encourage community revitalization, create essential affordable housing opportunities, and contribute to a better built environment for future generations. In addition to development activities, PHA manages over 1,400 units of long-term rental housing and rental assistance to more 6,500 residents, nearly 10% of the City of Portland’s population.
MEDIA CONTACT:
IDEA HALL
Andy Vernier
Andy@ideahall.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ece01801-d105-4d74-a9c0-693fea402677
