Bill > LD2057

This bill amends Maine State Housing Authority (MSHA) regulations to expand its ability to provide construction loans. Currently, MSHA is generally required to have a financial institution participate as an escrow agent for construction loans. The bill creates two new exceptions to this rule. First, if a housing project requires tax-exempt bonds to generate federal low-income housing tax credits, MSHA can now make the entire construction loan without an escrow agent. Second, MSHA can now make construction loans directly to privately owned or cooperative-owned manufactured housing communities and mobile home parks specifically for rehabilitating existing sites or developing new home sites. The bill defines manufactured housing communities broadly to include both traditional manufactured housing communities and mobile home parks, which will help expand affordable housing options by supporting the improvement and expansion of these types of residential communities. By removing some of the previous lending restrictions, the bill aims to make it easier for MSHA to support affordable housing development in Maine.

Housing and Urban Affairs

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=2057&snum=132