MaineMaine law allows yearly affordable housing credits through 2036
Maine's law allows the housing authority to allocate affordable housing tax credits through 2036, with yearly caps and limited allocations afterward.
What it does
The law allows yearly affordable housing tax credit allocations through December 31, 2036. After that, only unused credits carried forward or eligible returned credits can be allocated.
Ten percent of each year's newly available credits is reserved for qualifying rural housing preservation projects. Reserved credits still unused after December 31, 2036, may go to other eligible projects.
Argument forYearly credit allocations through 2036 could help affordable housing projects plan around a longer period of available tax support.
Argument againstKeeping some credits reserved for rural housing preservation through 2036 could leave fewer credits available for other affordable housing projects.
More detail
The housing authority may allocate affordable housing tax credits through December 31, 2036, within yearly limits. The yearly credit pool is capped at $10 million. Including carried-forward and returned credits, allocations cannot exceed $15 million in any calendar year. Unused yearly amounts may carry forward. Returned credits must be added to the available amount, except credits recovered under the law's recovery rules. After December 31, 2036, the authority may allocate only carried-forward or eligible returned credits. The stated allocation period runs from January 1, 2021, through December 31, 2036.
The housing authority must reserve part of each year's credit pool for qualifying projects that preserve rural housing. The reserve equals 10% of credits first available each calendar year and covers qualifying rural housing preservation projects. Unused reserved credits must carry forward for the same rural housing purpose. The eligibility category that includes these rural preservation projects may receive no more than 20% of credits allocated each year. Reserved amounts not allocated on or before December 31, 2036, may then be allocated without the rural housing preservation requirement.
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Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Apr 15Signed by Governor Janet MillsLatest
- Apr 13Subsequently, PASSED TO BE ENACTED in concurrence.Passed 2nd Chamber
- Apr 13On motion by Senator ROTUNDO of Androscoggin taken from the Special Appropriations Table.
- Apr 6On motion by Senator ROTUNDO of Androscoggin PLACED ON THE SPECIAL APPROPRIATIONS TABLE pending ENACTMENT in concurrence.
- Apr 2Sent for concurrence. ORDERED SENT FORTHWITH.
- Apr 2PASSED TO BE ENACTED.Became Law
- Apr 2Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED by Committee Amendment "A" (H-917) in concurrence.Minor
- Apr 2Committee Amendment "A" (H-917) READ and ADOPTED.Minor
- Apr 2READ ONCE.Minor
- Apr 2On motion by Senator GROHOSKI of Hancock the Majority Ought to Pass as Amended Report ACCEPTED.
- Apr 2Reports READ.
- Mar 30Sent for concurrence. ORDERED SENT FORTHWITH.
- Vote recorded ACC MAJ OTP AS AMENDED REP. Result: pass.Lower
- Mar 30The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "A" (H-917).Minor
- Mar 30Under suspension of the rules, the Bill was given its SECOND READING without REFERENCE to the Committee on Bills in the Second Reading.
- Mar 30Committee Amendment "A" (H-917) was READ and ADOPTED.Minor
- Mar 30The Bill was READ ONCE.Minor
- Mar 30(Yeas 73 - Nays 66 - Absent 11 - Excused 0 - Vacant 1)
- Mar 30ROLL CALL NO. 699
- Mar 30On motion of Representative SAYRE of Kennebunk, the Majority Ought to Pass as Amended Report was ACCEPTED.
- Mar 30Reports READ.
- Mar 27Reported Out - OTP-AM/ONTP
- Mar 10Voted - Divided Report
- Mar 10Work Session Held
- Jan 7The Bill was REFERRED to the Committee on TAXATION in concurrenceMinor
- Jan 7Sent for concurrence. ORDERED SENT FORTHWITH.
- Jan 7The Bill was REFERRED to the Committee on TAXATION.Minor
- Jan 7Committee on Taxation suggested and ordered printed.Introduced
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