The Land Acquisition Program provides loans to assist qualified non-profit housing corporations and municipalities in the acquisition or preservation of land for affordable housing projects. Funds from the program may be use for land acquisition costs, minor capital improvements and predevelopment costs.
The total funding for this program is $2,300,000 with each applicant eligible for up to $100,000 of funding.
Eligible projects include:
- Proceeds may be used for property acquisition and development related costs
- Predevelopment related costs may include:
- Architectural and engineering
- Legal (permitting, land-use, loan closing)
- Financing fees
- Other carrying costs
Eligible applicants include:
- Non-profit housing corporations
All applicants to the program must complete and submit the Land Acquisition Program Application. MaineHousing reviews applications in the order they are received.
For more information see the Land Acquisitions Program Guide, review the related links, or contact:
Rick Churchill, Multifamily Loan Officer