The fallout continues from the bankruptcy of Innovative Building Systems, as MHProNews last reported May 7, 2016, closing Keiser Homes, leaving the developers of 82 High Street in Farmington, ME, a nonprofit affordable housing complex, to find a replacement builder.

The complex’s board of directors will review proposals from three other vendors. As centralmaine tells MHProNews, the board met with Cousineau Inc. of Wilton, ME, the modular dealer and construction company overseeing the project.

82 High Street had already put down a deposit on the three modular apartment buildings, which Cousineau has sued to have returned, but agreed to absorb the loss if it is not repaid. “We’re the ones taking the loss,” Randy Cousineau, president of Cousineau Inc., said Monday. “We’re going to honor the original contract.”

While 82 High Street has already secured a $500,000 grant from the Federal Home Loan Bank and a $540,000 loan from Franklin Savings Bank for the project, the developers are still waiting to hear if a $500,000 Community Development Block Grant has been approved for the $1.5 million project. Each of the three modular apartment buildings has four units. ##

(Photo credit: Excel Homes–two story modular apartment building being sited)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.