Project Financing

The total development cost for the project was $11,845,047, with an average cost per unit of $252,022. The design work made up the largest part of predevelop-ment costs for Portland Place. This work was financed by noninterest loans from two community nonprofits. Home sales funded 37 percent. Additional funding was acquired from private and public sources. Grants were awarded for the security system and playground.

The rising costs of construction were a problem throughout the building of the project. Fortunately, PPL was able to change the unit mix in Phase II to better accommodate these cost increases without a reduction in the number of units. Also, in an effort to defray costs, Habitat for Humanity harnessed the energy of 1,000 volunteers and acquired donations of windows, lumber, and other construction materials for the six homes they constructed.

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