MaineMaine voters would decide whether to borrow $100 million for housing programs
Maine voters would decide whether the state could borrow up to $100 million for housing programs, with some funding reserved for projects using modular construction.
What it does
If voters approve, Maine could borrow up to $100 million for housing programs. One fifth of the funding for rural rentals, low-income housing tax credits, and affordable homeownership would be available for projects using or involving modular construction.
Argument forIf voters approve, the funding could support rural rental housing, home repairs, and projects that use or involve modular construction.
Argument againstBorrowing would leave the state responsible for repaying the bonds and interest, which could leave less money for other state needs.
More detail
The Treasurer of State, under the Governor's direction, could issue up to $100 million in state bonds for housing programs. The money would go to Maine State Housing Authority programs: rural affordable rentals, low-income housing tax credits, affordable homeownership, and home accessibility and repairs. The bonds could be issued only if voters ratify the bond issue. The bonds would be backed by the state's full faith and credit and could run for no more than 10 years from their original issue. The question would go to voters at the statewide election in November following passage. If a majority votes yes, the measure would take effect 30 days after the Governor proclaims the result.
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Where it stands
- Introduced
- Died
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Apr 29Died in Possession of the Committee Upon Conclusion of the 132nd Legislature and PLACED IN THE LEGISLATIVE FILES (DEAD).Died
- 2025
- Jun 25Carry Over Approved
- Jun 25CARRIED OVER, in the same posture, to any special or regular session of the 132nd Legislature, pursuant to Joint Order SP 800.
- Mar 21CARRIED OVER, in the same posture, to the next special or regular session of the 132nd Legislature, pursuant to Joint Order SP 519.
- Feb 20Received by the Secretary of the Senate on February 20, 2025 and REFERRED to the Committee on APPROPRIATIONS AND FINANCIAL AFFAIRS pursuant to Joint Rule 308.2Introduced
HousingTaxes & Budget