Bill > LD690

This bill authorizes the State of Maine to issue up to $100 million in general obligation bonds to support affordable housing programs administered by the Maine State Housing Authority. The bond proceeds will be distributed across four key programs: $35 million for rural affordable housing rentals, $35 million for low-income housing tax credits, $15 million for affordable homeownership, and $15 million for home accessibility and repair grants and loans. Notably, 20% of the funding for the first three programs is reserved for projects involving modular construction. The bonds will have a maximum term of 10 years and are backed by the full faith and credit of the state. The bill requires voter approval through a statewide referendum, where voters will be asked to decide on the $100 million bond issue. If approved, the bonds can be issued within five years, with the potential for a two-year extension. Any unspent bond proceeds after 10 years will be used to retire general obligation bonds. The Treasurer of State will manage the bond issuance, sale, and record-keeping, ensuring transparency and proper allocation of funds to support Maine's housing needs.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=690&snum=132