SOUTH PORTLAND HOUSING AUTHORITY

Project Summary

The South Portland Housing Authority (SPHA) owns over 1,000 housing units in South Portland, Maine for low to moderate income families, seniors, individuals with disabilities and families in need.

Ms. Bailey provided development consulting services and asset management services to SPHA.  The SPHA manages the Betsy Ross House, a 123 unit senior facility that was in need of debt restructuring.  In 2017, working with the Maine State Housing Finance Agency and SPHA, Ms. Bailey developed a workout agreement to restructure the debt for the senior facility.  After an extensive review of the property operations and associated expenses, reviewing all of the regulatory agreements, operating reports and annual audited financial statements, Ms. Bailey worked with the management team to develop a long term operating plan that minimized expenses and included appropriate rent increases for the senior facility that was approved by the Maine State Housing Finance Agency and incorporated into the Workout Agreement.

Ms Bailey also worked on acquiring several land parcels on behalf of SPHA for potential development using the LIHTC Program.