“The City Is Still Receiving 25% Net-New Tax Revenue” Myatt On What Bangor Retains Annually — Part Two

Send us Fan Mail **🎙️** Q-Point Podcast | Mike Myatt — Part Two “The City Is Still Receiving 25% Net-New Tax Revenue” Myatt On What Bangor Retains Annually. Mike Myatt, CEO of BangorHousing, joined Q-Point for an in-depth conversation about Yellen Pines, the proposed 30-unit permanent supportive-housing development in Bangor. Myatt discussed the project’s financing, construction plans, accountability requirements, residency preference, and the standards BangorHousing would use to measure its impact. Myatt explained that the property would pay 100% of its taxes to the city, which would return approximately $34,000—or 75%—annually through a 30-year credit enhancement agreement. He said Bangor would retain 25% as net-new tax revenue, the reimbursement would help BangorHousing borrow additional money, and the city would receive 100% of the taxes beginning in year 31. Myatt also addressed the project’s $11.2 million cost, including approximately $550,000 connected to removing PFAS-contaminated soil, and the financial consequences BangorHousing could face if it failed to meet program requirements. The conversation also covered BangorHousing’s partnership with the resident-owned Cedar Falls Mobile Home Park, where it plans to purchase new mobile homes and sell them without a profit to qualifying public-housing residents. Myatt discussed Bangor’s broader housing shortage, a planned resident-services hub offering daycare and educational opportunities, and the Family Self-Sufficiency program, which helps participating residents build escrow savings as their earned income increases. 📻 **Airs statewide weekends on The Voice of Maine and WLOB Portland.** ⬇️ 🎧 **Now streaming on:** QPointPodcast.com | Apple Podcasts | Spotify | iHeartRadio | Amazon Music | YouTube Music *The views and opinions expressed by our guests are their own and do not necessarily reflect those of Q-Point Podcast, its hosts, or its sponsors.* *This episode was pre-recorded, produced, and sponsored by Corenna Quirk, Broker at NextHome Experience.* Support the show This podcast is for informational and educational purposes only and should not be considered professional advice or recommendations of any nature whatsoever, and no warrantee, guarantee, or representation as to the accuracy of  the information presented is made by your use.  The views, information, opinions, comments, and observations of this podcast may not be those of the host or the management, and you entertain and rely on the content presented at your sole risk and responsibility.  Your access of this podcast acknowledges that the contents and design are the sole property of the presenter and no use in any shape, manner or form of this podcast may be made without written permission.  The presenter of the podcast hereby disclaims any and all responsibility for any and all damages arising out of or related to your use, reference and reliance on podcasts and information presented therein.