Bill > LD1041

This bill introduces new provisions to preserve affordability in publicly assisted housing developments by establishing clearer definitions and notification requirements for low-income rental housing. The bill defines key terms such as "affordability restriction" (which includes limitations on rent based on income or market rates) and "low-income rental housing" (rental housing with 5 or more units subject to specific affordability or assistance conditions). It requires property owners to provide detailed notices to tenants, tenant organizations, the Maine State Housing Authority, and local municipal housing authorities at least 90 days before selling, transferring, or taking actions that might terminate affordability restrictions. The bill also maintains the existing option for the Maine State Housing Authority or municipal housing authorities to purchase such properties at their current appraised value, with additional provisions for extending purchase timelines. Furthermore, the bill mandates that property owners provide advance notice (at least two years before termination) about the expiration of affordability restrictions or financial assistance, ensuring tenants and housing authorities are informed well in advance of potential changes. Additionally, the bill ensures that current tenants can remain in their units for at least six months following a property sale or transfer, maintaining housing stability for low-income residents.

Housing and Urban Affairs

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1041&snum=132