FINANCIAL_SERVICESRECOMMENDED

Affordable Housing TIF and CEA Recommended for BHDC Project

Bangor staff recommend creating an Affordable Housing TIF District and 30-year Credit Enhancement Agreement with Bangor Housing Development Corporation for the 30-unit Home for Good, Yellen Pines project. The proposed structure would reimburse about 75% of the project’s tax increment, or roughly $1.035 million over the term, to close a financing gap.

Status
RECOMMENDED
Document date
August 3, 2026
Contract type
FINANCIAL_SERVICES
Vendor
Bangor Housing Development Corporation
Agency
City of Bangor · ME

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Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
Approximately $34,500 per year reimbursement; projected total $1,035,000 over 30 years (based on 75% of ~$46,000 annual tax increment)
Contract type
FINANCIAL_SERVICES
Contract term
30-year Affordable Housing TIF District and Credit Enhancement Agreement term recommended
Renewal date
2056-12-31
Renewal
Term recommended to match MaineHousing’s required 30-year affordability period; no additional renewal beyond this period is proposed.
Document type
AgendaPacket
Source document
City of Bangor AgendaPacket Weekly Meetings 2026-08-03

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of Bangor?

Bangor Housing Development Corporation was awarded this financial services contract by City of Bangor, as recorded on August 3, 2026. The contract value is Approximately $34,500 per year reimbursement; projected total $1,035,000 over 30 years (based on 75% of ~$46,000 annual tax increment).

How much is the Bangor Housing Development Corporation contract with City of Bangor worth?

The Bangor Housing Development Corporation contract with City of Bangor is valued at Approximately $34,500 per year reimbursement; projected total $1,035,000 over 30 years (based on 75% of ~$46,000 annual tax increment), covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agendapacket record.

Where was this contract approved?

This contract appears in City of Bangor AgendaPacket Weekly Meetings 2026-08-03 (AgendaPacket), dated August 3, 2026 from City of Bangor. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Bangor Housing Development Corporation hold?

Bangor Housing Development Corporation may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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