Bill > LD845

This bill establishes the First-time Home-buyer Program through the Finance Authority of Maine to help first-time home buyers across all 16 counties purchase homes more affordably. The program defines a first-time home buyer as an individual or household that has not owned a primary residence in the past 3 years and will offer mortgage loans with specific financial terms: loan terms up to 30 years, interest rates lower than market rates, down payments of no more than 5% of the home purchase price, and loan guarantees. To qualify, applicants must be first-time home buyers and meet purchase price limits determined by the authority based on regional housing market conditions. The authority will be responsible for administering the program, including establishing county-specific maximum home purchase prices, equitably allocating loan opportunities across the state, and creating application procedures. Starting in January 2027, the authority must submit annual reports to the Legislature detailing loan numbers, geographic distribution, average home prices, and program improvement recommendations. The program can seek funding from public and private sources, including federal grants, with all funds dedicated to supporting the program. The bill is set to take effect on January 1, 2026.

Housing and Urban Affairs

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=845&snum=132