24 South Street, Freeport, ME 04032
Oak Leaf Terrace is a 26-unit senior community located at 24 South Street. Only three blocks walk from the center of Freeport, Oak Leaf is located in a quiet residential neighborhood. The property has 24 one-bedroom units and 2 two-bedroom units. Oak Leaf was developed with project-based Section 8 subsidy, which allows tenants to pay 30% of their income for rent and utilities. Occupants must be 62 years of age or have significant disabilities. A Resident Services Coordinator initiates community activities and provides residents with assistance connecting with resources available in the greater community. It commonly takes one to two years on the waiting list to get a unit. Although residents can have incomes as high as 80% of area median, the preference for those at or below 50% of median income makes it a long wait for those at higher income levels.
Oak Leaf Terrace is owned by Freeport Senior Housing, Inc., a charitable 501(c)(3) corporation set up and controlled by Freeport Housing Trust. The property was opened in 1980 and purchased by FHT in 1995. Conversion from electric heat and other renovations were completed at that time. A second round of renovations was completed in 2006 including replacement windows and new roofs. In 2012 a major refinancing allowed for new kitchens to be installed in all units, accessibility upgrades to the handicapped units and major renovation to the interior and exterior of the community building.