What Westbrook Development does

Westbrook Development Corporation (WDC) is a private, non-profit affordable housing developer incorporated in Maine in 1987, operating as the development entity of the Westbrook Housing Authority. The company develops and owns a portfolio of 21 properties totaling 805 units, comprising 712 affordable rental units and 93 affordable homeownership units, concentrated in Westbrook and the broader Greater Portland and Southern Maine region. Its core technology is affordable housing development financed primarily through the Low Income Housing Tax Credit (LIHTC) program, supplemented by HUD programs (Section 8, Project Based Vouchers), Maine Housing financing, FHLBank Boston capital, and Boston Financial tax credit equity. The portfolio spans senior housing (55+ and 62+), family rental housing, accessible housing for residents with disabilities, and homeownership opportunities including condominiums delivered through the Neighborhood Stabilization Program.

WDC's revenue mechanics combine recurring rental income from 712 income-qualified units (many supported by project-based or tenant-based housing vouchers), one-time revenue from condominium sales, and developer/asset management fees tied to new LIHTC-financed project closings. Rents are set by income qualification and program rules rather than market pricing. The go-to-market is partnership-driven field sales: WDC engages municipalities, civic leaders, neighborhoods, and residents to identify community housing needs, then accesses federal, state, and local funding programs to underwrite tailored developments. Recent 2024 deliveries include the $21 million Stroudwater Apartments (55 senior units) and the Stacy M. Symbol Apartments (60 senior units, MEREDA 2024 Notable Project), with active expansion into Biddeford via the 40-unit Thatcher Brook development and a proposed downtown project, plus a potential 358-home Lincoln Street project at the former Rivermeadow Golf Club.

The organization is led by President Richard (Dick) Begin (35+ years at Westbrook Housing) and President/Development Director Tyler Norod (joined 2021, ex-Avesta Housing, City of Portland, Boston Redevelopment Authority), supported by Construction Services Director Maggie Stanley and Development Officer Kristin Styles (joined 2024, ex-Cumberland County Director of Community Development). WDC is governed by a Board chaired by René Daniel. Strategic execution partners include architects (Archetype, Kaplan Thompson, CWS), contractors (Great Falls Construction, Zachau Construction), and legal counsel (Drummond Woodsum). The operating model is best characterized as a community-embedded, mission-driven LIHTC developer with deep municipal relationships and a growing Southern Maine pipeline rather than a scalable platform business.

Name

Westbrook Development

Legal name

Westbrook Development Corporation

Website

https://westbrookdevelopmentcorp.org

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

11–50 employees

Short description

Westbrook Development Corporation is a Maine-based non-profit affordable housing developer operating since 1987, owning 21 properties and 805 units serving low-income seniors, families, and disabled residents across Greater Portland and Southern Maine through LIHTC and HUD-financed developments.

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

New Multifamily Housing Construction (except For-Sale Builders) (236116), Residential Property Managers (531311), Lessors of Residential Buildings and Dwellings (53111)

SIC

Operators Of Apartment Buildings (6513), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC)

akta.pro secondary industries

Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD), Residential Affordable Housing Development & Construction (IMAFABAI), Independent Living Community Development & Construction (Senior Housing Developers) (HLADAAAH), Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF)

Keywords

• Affordable housing development
• Low income housing
• LIHTC apartments
• Senior housing
• Community development

Headquarters

HQ city

Westbrook

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Others

Revenue model

1. Affordable Rental Housing: The company develops and manages affordable rental properties, generating revenue through rents paid by tenants, many of whom hold housing vouchers. Properties target seniors aged 55+ and families with income qualifications.
2. Affordable Homeownership: Development of affordable condominiums and homeownership opportunities for first-time buyers and moderate-income families.
3. Government Program Funding: Revenue derived from accessing federal, state, and local housing programs including LIHTC, HUD programs, and Maine Housing financing.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Westbrook Development Corporation develops and manages affordable housing properties in Greater Portland and Southern Maine, delivering Low Income Housing Tax Credit (LIHTC) rental communities for seniors aged 55+ and 62+, families, and individuals with disabilities, alongside affordable condominiums for first-time homebuyers. The organization operates as the development arm of the Westbrook Housing Authority and finances projects through LIHTC, HUD, and Maine Housing programs, holding a portfolio of 21 properties totaling 805 units.

Product overview

Westbrook Development Corporation develops affordable quality housing as a single unified service offering, not a platform architecture. The company's portfolio consists of 21 properties with 805 total units, comprising various apartment complexes and condominiums. The properties include senior housing communities (for ages 55+ or 62+), family housing, and homeownership opportunities. Key products include Stacy M. Symbol Apartments (60 units for seniors 55+), Stroudwater Apartments (55 units for seniors 55+), Larrabee Village (150 units for seniors 62+), Millbrook Estates (100 units for seniors 55+), Robert L. Harnois Apartments (61 units for seniors 62+), and various other properties including condominiums through programs like Low Income Housing Tax Credits and Neighborhood Stabilization Program. The company also offers 712 affordable rental units and 93 affordable homeownership units.

Differentiator

Problem solved

Functional benefit

Products and services

• Stacy M. Symbol Apartments 60 Low Income Housing Tax Credit apartments for seniors aged 55+ in Westbrook, Maine. Recognized as a MEREDA 2024 Notable Project.
• Stroudwater Apartments 55 Low Income Housing Tax Credit apartments for seniors aged 55+ in Westbrook, Maine. The $21 million complex was developed to address senior housing demand.
• 917 Main Street Condominiums 3 affordable condominiums delivered through the Neighborhood Stabilization Program in Westbrook, Maine, providing homeownership opportunities for first-time buyers.
• Dr. Arthur O. Berry Apartments at Larrabee Commons 38-unit Low Income Housing Tax Credit community for residents aged 55+ in Westbrook, Maine.
• Presumpscot Commons 29 Low Income Housing Tax Credit apartments for seniors aged 55+ in Westbrook, Maine.
• Spring Crossing 34 Low Income Housing Tax Credit apartments for seniors aged 55+ in Westbrook, Maine.
• Lewis H Emery Apartments 30 Low Income Housing Tax Credit apartments for seniors aged 55+ in Westbrook, Maine.
• Homestead Village 18 affordable condominiums in Westbrook, Maine, supporting homeownership for first-time buyers.
• Schoolhouse Commons 8 affordable apartments for families holding tenant-based vouchers in Westbrook, Maine.
• Larrabee Village 150 apartments for seniors aged 62+ with Project Based Vouchers in Westbrook, Maine. The community also provides supportive services such as meals, housekeeping, and shopping.
• Golder Commons 26 Low Income Housing Tax Credit apartments for families in Westbrook, Maine.
• Forest Street Condominiums 13 affordable condominiums in Westbrook, Maine, providing homeownership opportunities.
• Millbrook Estates 100-unit Low Income Housing Tax Credit multistory apartment community for seniors aged 55+ in Westbrook, Maine.
• Malcolm A. Noyes Apartments 38 Low Income Housing Tax Credit apartments for seniors aged 55+ located at Millbrook Estates in Westbrook, Maine.
• Riverfront Loft Condominiums 44 affordable condominiums in industrial-style lofts in an abandoned riverside mill in Westbrook, Maine.
• The Landmark on Whitney Condominiums 13 affordable condominiums in a turn-of-the-century schoolhouse in Portland, Maine.
• Robert L. Harnois Apartments 61 Low Income Housing Tax Credit apartments with Project Based Vouchers for seniors aged 62+ in Westbrook, Maine.
• Larrabee Woods 25 Low Income Housing Tax Credit apartments for seniors aged 62+ or individuals declared disabled in Westbrook, Maine.
• Cloudman Street Single unit of affordable housing in Westbrook, Maine, held within the WDC portfolio.
• King Street Single unit of affordable housing delivered through the Neighborhood Stabilization Program in Westbrook, Maine.
• Riverview Terrace 58 Low Income Housing Tax Credit apartments for seniors aged 62+ or individuals declared disabled in Westbrook, Maine.
• Thatcher Brook Development (Biddeford) 40 affordable apartments under development in Biddeford, Maine, expanding WDC's footprint beyond Westbrook.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Cumberland County Home ConsortiumcoreStrategic or Co-development PartnerRegional consortium addressing housing needs across Cumberland County municipalities.
• City of BiddefordcoreStrategic or Co-development PartnerMunicipal partner for affordable housing development in Biddeford, including Thatcher Brook development.
• City of WestbrookcoreStrategic or Co-development PartnerHome municipality and primary operating area for affordable housing development.
• Archetype ArchitectscoreImplementation/ SI/ Consulting PartnerArchitecture firm providing design services for housing developments.
• Kaplan Thompson ArchitectscoreImplementation/ SI/ Consulting PartnerArchitecture firm specializing in sustainable and affordable housing design.
• Great Falls ConstructioncoreImplementation/ SI/ Consulting PartnerConstruction contractor for housing development projects.
• Zachau ConstructioncoreImplementation/ SI/ Consulting PartnerConstruction contractor providing building services for developments.
• Acorn EngineeringminorImplementation/ SI/ Consulting PartnerEngineering services provider for development projects.
• Drummond WoodsumminorImplementation/ SI/ Consulting PartnerLaw firm providing legal services for development and financing.
• ANew DevelopmentminorImplementation/ SI/ Consulting PartnerDevelopment consulting partner.
• Gorrill PalmerminorImplementation/ SI/ Consulting PartnerEngineering and planning firm.
• CWSminorImplementation/ SI/ Consulting PartnerArchitecture firm with focus on senior and family housing developments.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Wishrock Housing Group: Maine-based nonprofit affordable housing developer producing LIHTC and HUD-financed rental housing. Closely comparable in scale, regional geography, and reliance on tax credit equity for new development.
• Avesta Housing: Maine's largest nonprofit affordable housing developer, operating in the same Greater Portland geography and using LIHTC, HUD, and project-based voucher programs. Direct comparator because it serves identical populations (seniors, families, disabled) with the same financing and operational model.
• Realty Resources Management: Maine-based residential property management firm specializing in affordable and LIHTC housing. Direct peer in operating affordable rental communities, with overlapping property owner clients and resident populations.
• Community Housing of Maine: Nonprofit developer and manager of affordable rental housing across Maine, working with LIHTC and project-based subsidies. Comparable to WDC in target populations, geographic footprint, and reliance on federal/state affordable housing programs.
• Volunteers of America Northern New England: Regional nonprofit developing and operating affordable housing, including senior and supportive housing, across northern New England. Comparable operating model, population focus, and funding strategy to WDC.
• Portland Housing Authority: Municipal housing authority providing affordable and subsidized housing in Portland, Maine. Direct peer in LIHTC-funded senior and family housing, with overlapping development partner ecosystem (architects, contractors, syndicators).

Broad incumbents

• Preservation of Affordable Housing (POAH): National nonprofit that preserves and develops affordable rental housing using LIHTC and project-based subsidies. Comparable resident populations and program reliance, but operates across multiple states rather than focusing on a single region.
• Enterprise Community Partners: National nonprofit CDFI and affordable housing developer that combines development, lending, and policy work. Comparable mission and LIHTC focus, but operates as a much larger national platform with investment and advisory services WDC does not offer.
• National Church Residences: Large national nonprofit developer and operator of affordable senior housing. Comparable in senior housing focus and LIHTC financing strategy, but operates at significantly greater geographic and unit scale than WDC.

Others

• Genesis Community Loan Fund: Maine-based CDFI providing financing for affordable housing and community development projects. Related ecosystem participant — uses similar funding sources (LIHTC, federal programs) and serves overlapping municipal partners, but functions as a lender rather than a developer.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Westbrook Development