Bill > LD1424

This bill addresses workforce housing and homeownership assistance in Maine through two primary components: First, it authorizes a $10,000,000 general obligation bond to be used by the Maine State Housing Authority (MaineHousing) to finance workforce housing specifically in opportunity zones, which are designated economic development areas created by the federal Tax Cuts and Jobs Act of 2017. The bond issue will require voter approval through a statewide referendum and cannot exceed a 10-year term. Second, the bill directs MaineHousing to modify its Affordable Homeownership Program by increasing the income eligibility limit for homebuyers from 120% to 150% of the area median income in all Maine counties except Cumberland, Sagadahoc, and York. The bill also grants MaineHousing the authority to require leveraged funds for housing projects, meaning additional financial resources must be secured alongside the program's funding. If approved by voters, the bond proceeds will be used to construct workforce housing, with any unspent funds after 10 years returning to the Treasurer's Office for general obligation bond retirement.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1424&snum=132