AUGUSTA, Maine — Governor Janet Mills signed a piece of legislation Wednesday to bring more affordable housing to Maine. The plan calls for the state to invest $10 million a year over eight years into creating homes and apartments for low-income families, elderly, and rural communities.
"That proposal would create more than 1000 additional affordable homes over eight years. Increasing Maine's current rate of production by 50 percent. Send that bill to my desk and I will sign it," said Governor Janet Mills during her State of the State address last month.
The legislation creates a tax incentive plan for developers. It will give those developing new housing units a tax break, for their investment in Maine's housing stock.
The bill, sponsored by assistant majority leader Ryan Fecteau (D-Biddeford), received bipartisan support, has provisions to ensure housing is created for multiple demographics in need of affordable homes.
Ten percent of the $10 million allocated yearly must be used on to preserve affordable housing that were constructed the United State Department of Agriculture, Office of Rural Development, and the Rural Housing Service. 30 percent of the credit must also be allocated to new housing units is targeted for seniors, and 20 percent will be used in rural areas.