60 Bow St.
Freeport, ME 04032
Located on Bow Street across the street from Bow Street Market, Quarry Ridge is a community of 34 apartments open to all ages and limited to those households with incomes below 60% of the Area Median Income. The property is within walking distance of many amenities and jobs in Downtown Freeport. There are 15 one-bedroom and 19 two-bedroom homes. All are rent and income restricted at 50% and 60% of Area Median Income; 7 apartments have a preference and provide rental assistance for those households meeting Section 811 disability requirements.
Quarry Ridge was originally developed in the 1980’s using USDA Rural Development financing and was purchased by the Housing Trust in 2021. Significant renovations were done at purchase, including adapting two apartments to meet current accessibility guidelines, replacing the boilers, roofing, and improving the bathrooms in many apartments. Additionally, an offsite solar array was purchased to offset electricity expenses at the property. To facilitate the acquisition and rehab in 2021, Quarry Ridge is owned by a limited partnership so that investors to take advantage of Low Income Housing Tax Credits and provide equity into the property. The General Partner is FHT Holdings, Inc., a non-profit corporation set up and controlled by FHT to own and operate LIHTC projects.