BANGOR, Me., Nov. 21, 2023 – Hunt Capital Partners (HCP) has transferred ownership of Northside Family Housing in Bangor, Maine, to Penquis Development, an affiliate of Penquis, Maine’s largest community action agency established under the Economic Opportunity Act of 1964 to fight America’s war on poverty. Located on Griffin Road, the 28-home townhouse style development has served as a secure source of affordable housing for Penobscot County’s lowest income families and unhoused individuals since 2007.
Nearing the end of Northside Family Housing’s compliance period, Penquis approached HCP about the potential of an ownership transfer, as the transaction would equip Penquis with a Real Estate Tax Pilot and allow the organization to operate the housing more efficiently. Though the transaction is structured as a property sale, HCP has effectively assigned the limited partner interest over to Penquis to allow the organization more flexibility in working toward a poverty-free Maine. The transaction took place in late October.
“We are always eager to work alongside our partners at critical junctures in the timeline of our partnerships,” said HCP President Jeff Weiss. “To that end, HCP has worked closely with Penquis on finding the most optimal solution in transferring Northside Family Housing, enabling it to continue serving the community’s needs despite the property’s end of compliance period.”
The successful transfer of ownership is another example of HCP’s commitment to operating as a partner-first organization, going above and beyond the required terms and conditions of its partnership agreements. This transaction plays a crucial role in enabling Penquis to assist Maine families in preventing, reducing, and eliminating poverty in their lives.
“Ownership of Northside Family Housing enables Penquis to ensure these 28 homes continue to provide safe, affordable housing for low income families,” said Penquis President and CEO Kara Hay. “We are grateful for our partnership with Hunt Capital Partners and so pleased that they took this significant step in supporting the community. Countless families will achieve housing stability as a result.”
Environmental Social and Corporate Governance (“ESG”) Investing
Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. An investment in affordable housing not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3.3 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.