All, good points. But where there is a will, there is a way. The problem is, there is none (a will).I mean, I wish it weren't the case, but affordable housing developers literally can't finance a 15-story building with current subsidies. There's a reason Franklin Towers was the last thing built for 40 years, and that reason was a huge decline in federal funding for public housing that started under the Nixon administration and continued under Reagan.
As I mentioned, the tax credits that finance affordable housing are limited (in Maine) to about $25-30 million a year, which typically get spread around to 5 or 6 projects a year.
58 Boyd, for instance, is an $11 million project and is relying on tax credits to cover $6.8 million of the costs (see page 27 for the breakdown):
A taller, $20 million affordable housing project would not pencil out in the State of Maine, at least with our current financing resources.