Bill > LD1167

This bill directs the Maine State Housing Authority to establish a pilot program aimed at helping nonprofit housing developers rehabilitate aging housing stock. The program will provide grants of up to $80,000 per unit to renovate 15 housing units, with eligible improvements including lead paint mitigation, energy efficiency upgrades, repairs to wells, heating systems, electrical systems, roofs, chimneys, structures, windows, doors, siding, and accessibility modifications. The rehabilitated units will be available for purchase exclusively by first-time home buyers whose income does not exceed 120% of the area median income. To encourage long-term ownership, the bill includes a graduated profit-sharing mechanism where home buyers who sell within the first 36 months must return a percentage of any sale profits to the nonprofit developer (75% if sold in the first year, 50% in the second year, 25% in the third year). After 36 months, home buyers can keep 100% of the profits. The program is funded with a one-time general fund allocation of $1,200,000 for the 2025-26 fiscal year, demonstrating a strategic approach to addressing housing affordability and revitalizing existing housing stock.

Housing and Urban Affairs

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1167&snum=132