Chase Ct., Freeport, ME 04032
Located just off Lower Main Street at the corner of Varney Road, Varney Square is a community of 30 units open to all ages and incomes. The property has quick access to I-295 and is close to shopping. There are 10 one-bedroom units, 10 two-bedroom units and 10 three-bedroom units. The majority of these are rent and income restricted at 50% and 60% of Area Median Income; 8 units are open to market rate rental with no income restrictions.
Varney Square was originally developed in the 1960’s with 18 units and was purchase by the Housing Trust in 1993. Significant renovations were done at purchase, including switching from electric to oil heat. In 2005 FHT used the Low Income Housing Tax Credit (LIHTC) program to redevelop Varney Square, adding an additional 12 units. At the same time that the new units were being constructed the existing units saw major interior and exterior improvements, including new kitchens and energy conservation upgrades. To allow for investors to take advantage of the tax credits, Varney Square is owned by a limited partnership. The General Partner is FHT Holdings, Inc., a non-profit corporation set up and controlled by FHT to own and operate LIHTC projects. The property has been converted from oil and propane heat to natural gas.