Avesta Housing is proposing a five-story, 60-unit apartment building on Valley Street in Portland.

While some units would be rented at market prices, a majority would be affordable to people making significantly less than the area median income.

“It is on the larger side of what Avesta has done recently, which is exciting given the deep need for this type of housing,” development officer Catherine Elliott said.

Elliott said the apartments would be of varying sizes, from efficiencies to three-bedroom. Twenty percent – 12 apartments – would be market rate. The remaining 80 percent – 48 apartments – would be rented at prices affordable to people who make 50 to 60 percent of the area median income. The project will not be restricted by age.

The building would be at 204-210 Valley St. The lot includes surface parking and vacant land, but it also includes a two-unit apartment building owned by Avesta. Elliott said she was not sure Friday whether that building is currently occupied, but it would need to be vacated for that property to be redeveloped.

The project will require a review and public hearing by the city’s Planning Board. The documents submitted so far show that the building would have two levels of covered parking, and the cover letter to the proposal indicates that Avesta Housing will be seeking some incentives such as setback reductions and fee reductions for affordable housing projects.

“We are pleased to submit this application which will significantly increase the city’s affordable housing stock,” wrote William Savage, the principal at Acorn Engineering Inc.

Elliott said Avesta Housing has also applied for a tax break in the form of a 30-year Tax Increment Financing district, but details were not available Friday. TIF districts require approval from the Portland City Council.

Avesta Housing has proposed a 5-story, 60-unit apartment building for Valley Street in Portland. Rendering courtesy of Ryan Senatore Architecture

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