FREEPORT, Maine, Jan. 15, 2026 (GLOBE NEWSWIRE) — WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, their investor CVS Health, and co-developers, Freeport Housing Trust and Best Apartments, Inc., have begun construction on Varney Heights, a 42-unit affordable housing community in Freeport, Maine.
Located on Varney Road and designed specifically for seniors ages 55 and older, the community will provide affordable housing opportunities under the Low-Income Housing Tax Credit (LIHTC) program, with units reserved for households earning up to 30%, 50%, and 60% of the Area Median Income (AMI). In addition, three units will feature a HUD Section 8 subsidy, further expanding access for those most in need.
“Varney Heights represents an important investment in Freeport’s future, especially for the older adults who have helped shape this community,” said Matt Peters, Executive Director at Freeport Housing Trust. “As demand continues to grow for high-quality senior housing, our priority is to ensure that longtime residents can remain close to family, friends, and services in a home that meets their needs. We’re proud to partner with WNC and CVS Health to create thoughtful, affordable housing that reflects the character and values of this community.”
Freeport is experiencing steady population and household growth, a trend that has continued since 2010 and is projected to accelerate through 2029, creating increased demand for housing across the region. The most significant growth is expected among older adults, with households aged 75 and above leading the trend and those aged 55 and older projected to make up more than half (55.3%) of all households by 2029. At the same time, the number of senior renter households — currently a small share of the market — will grow by more than 15% over the next five years. This rising demand, coupled with limited affordable options for older residents, underscores the critical need for new communities like Varney Heights.
The $16 million development will introduce 42 affordable apartment homes within a thoughtfully designed, three-story building featuring elevator access. The community will include a mix of 38 one-bedroom and four two-bedroom residences, offering seniors a modern, comfortable, and accessible living environment.
Each apartment at Varney Heights will feature modern finishes and conveniences designed for comfort and ease of living. Residences will include premium appliances such as electric ranges and refrigerators, as well as upgraded countertops, cabinetry, and fixtures. Thoughtful details like central air conditioning, a mix of carpet and composite flooring, and window blinds will provide residents with a welcoming and functional home environment.
Varney Heights will also provide a wide range of community amenities to support connection, convenience, and peace of mind for residents. Shared spaces will include a clubhouse and community kitchen, game room, laundry room, and a community garden for outdoor enjoyment. The three-story building will feature on-site management and security cameras to ensure a safe and well-maintained environment. In addition, a surface parking lot with 48 spaces will offer residents and visitors ample, convenient parking.
“WNC is proud to help bring Varney Heights to life through the strategic use of the Low-Income Housing Tax Credit program,” said Anil Advani, Executive Vice President of Originations and Finance at WNC. “This investment not only expands the supply of affordable housing in a market with growing demand but also demonstrates the power of public-private partnerships to deliver long-term value for residents, communities, and investors alike.”
Varney Heights will be financed through a combination of public and private funding sources. Bath Savings Bank will be providing a $12.2MM construction loan. MaineHousing will be providing a permanent loan along with two soft financing loans. Freeport Housing Trust will be providing a soft loan to the project as well. Finally, WNC in partnership with CVS Health will be providing $8.7M in equity through the Low-Income Housing Tax Credit Program.
“Access to safe, supportive housing is essential for health and well-being, especially for older adults who need stability, care, and connection to live with dignity and independence,” said Keli Savage, Head of Impact Investment Strategy at CVS Health. “Our investment in Varney Heights is about more than housing. It’s about providing Freeport seniors with a vibrant community where they’ll feel valued, supported, and empowered to thrive.”
Construction is expected to be completed in September 2026.
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. To learn more, visit: https://www.wncinc.com/.
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