Bill > LD1912

This bill authorizes a $60 million general obligation bond issue to address Maine's housing shortage through four primary initiatives. First, $30 million will be allocated to the Innovative Housing Incentive Program, which provides grants and low-interest loans to support small housing manufacturers in Maine, including those producing manufactured homes, prefabricated housing, and innovative construction methods like 3D-printed housing. The program offers financial support for operating expenses, manufacturing affordable and energy-efficient housing units, and developing or expanding housing factories. Second, $25 million will support a home accessibility and repair program through the Housing Opportunities for Maine Fund. Third, $2.5 million will fund the Weatherization Plus Program, which provides grants to low-income households for energy conservation and weatherization projects. Finally, $2.5 million will support a pilot program that provides grants to nonprofit housing developers to rehabilitate aging housing stock for sale to first-time homebuyers who meet certain income requirements and agree to share potential sale profits with the developer for the first three years of ownership. The bond issue is contingent on voter approval in a statewide referendum and would be repayable within 10 years, with unissued bonds deauthorized after 5 years unless the Legislature extends the authorization.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1912&snum=132