U.S. Senators Olympia J. Snowe and Susan Collins today announced that the U.S. Department of Housing and Urban Development (HUD) has awarded $1 million to the City of Biddeford for the redevelopment of the Riverdam Mill district. The funding comes as part of the HOPE VI Main Street grant program.
“This is tremendous news,” said Senators Snowe and Collins in a joint statement. “This federal funding is a strong step forward for the redevelopment and preservation of the vital Biddeford mill district. The project will create much needed affordable housing, as well as attract commercial tenants to downtown Biddeford. We are excited to see this project one step closer to realization. It dovetails perfectly with the work of the city and its nonprofit partner, Heart of Biddeford, to revitalize Biddeford’s Main Street area”
Both Senators Snowe and Collins met with officials and sent letters in support of the project.
The plans for the Riverdam Mill redevelopment project call for the creation of 80 units of low- and moderate-income workforce affordable housing, as well as the rehabilitation of 163,000 square feet of commercial and light industrial space.
Other sources of funding include $2 million in State funds, $9.5 million in Low-Income Housing and other types of tax credits, a $3.5 million private loan, and approximately $1.7 million donated by local, regional and state wide housing and economic development organizations.