The Portland Planning Board approved a $5.5 million project Tuesday night to transform the former Adams Elementary School on Munjoy Hill into 16 condominiums designed for working families.

Officials from Avesta Housing, the largest nonprofit housing agency in Maine and the organization that put together the project, said construction will likely start in November.

About $1.7 million for the project will come from federal stimulus money.

The condos will be two- and three-bedroom units available to families with annual household incomes of about $80,000 or less.