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Bill > LD2077
ME LD2077
ME LD2077An Act to Reduce the Cost of Purchasing a Home by Providing Grants to Reduce Mortgage Rates
summary
Introduced
01/07/2026
01/07/2026
In Committee
01/07/2026
01/07/2026
Crossed Over
Passed
Dead
Introduced Session
132nd Legislature
Bill Summary
This bill: 1. Requires the Maine State Housing Authority to administer a program to provide grants of up to $15,000 to persons with low income and moderate income for the purpose of decreasing the rate of a mortgage loan used to purchase an owner-occupied single-family residence. Current law allows the authority to refinance existing loans for the purpose of lowering mortgage payments or making home improvements for persons with low income; and 2. Allows a taxpayer an income tax deduction for payments made to purchase private mortgage insurance for that taxpayer's primary residence located in Maine.
AI Summary
This bill aims to reduce the cost of purchasing a home in Maine by establishing a new grant program and offering a tax deduction. The Maine State Housing Authority will administer a program providing grants of up to $15,000 to individuals with low to moderate incomes to help lower the interest rate on a mortgage for a primary, owner-occupied single-family home. This is an expansion of the authority's current capabilities, which focus on refinancing existing loans for lower payments or home improvements. Additionally, for taxable years beginning on or after January 1, 2026, taxpayers will be allowed an income tax deduction for payments made for private mortgage insurance on their primary residence in Maine. Private mortgage insurance is a type of insurance that protects lenders if a borrower defaults on their mortgage.
Committee Categories
Housing and Urban Affairs
Sponsors (7)
Wayne Farrin (D)*,
Holly Eaton (D),
Ryan Fecteau (D),
Sharon Frost (I),
Cheryl Golek (D),
Parnell Terry (D),
Kilton Webb (D),
Last Action
Voted: Divided Report (on 01/29/2026)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.maine.gov/legis/bills/display_ps.asp?LD=2077&snum=132 |
| BillText | https://legislature.maine.gov/legis/bills/getPDF.asp?paper=HP1392&item=1&snum=132 |
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