Senior housing bond funds awarded by MaineHousing, drives over $45.8 million for affordable housing & Maine’s economy

MaineHousing has awarded $14.5 million of the senior housing bond approved by voters in 2015 and signed by Governor Janet Mills in 2019. The bond, combined with MaineHousing resources and other funds, will generate over $45.8 million to build 212 new affordable housing units for Mainers aged 55 and older.

“These awards are another welcome step forward for older Mainers,” said Governor Janet Mills. “The construction of these new homes, along with the repair and weatherization of existing homes, will ensure that more Maine seniors can live safely, comfortably, and with dignity as they age. I am proud to have signed these long-overdue, voter-approved bonds and look forward to the communities they help create.”

Seven development projects were selected, four of which are in rural communities.

“Older Mainers need quality, accessible homes they can afford,” said MaineHousing Director Daniel Brennan. “The need is substantial. We’re hitting the ground running in the new year and are looking forward to putting these funds to work.”

The $15 million senior housing bond was approved by nearly 70 percent of Maine voters in a statewide referendum in 2015. The housing bond funds included $500,000 allocated to home repair and weatherization services for existing homes.

“We’re grateful to Governor Mills for signing the bond – it puts a significant amount of money into Maine’s economy and builds much-needed housing,” Brennan continued. “And we’re proud to work with our partners to build the vibrant, thriving communities older Mainers need and deserve.”

The awards follow MaineHousing’s recent announcement of federal Low Income Housing Tax Credit awards, which will build or preserve 317 housing units, 275 of which are affordable. The combination of the two awards results in 487 new or preserved affordable housing units for Mainers.  

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MaineHousing has helped Maine people own, rent, repair, and heat their homes since 1969. MaineHousing is an independent state authority created to address the problems of unsafe, unsuitable, overcrowded, and unaffordable housing. MaineHousing is a $1.8 billion financial institution with a staff of over 160 people. MaineHousing assists more than 90,000 Maine households and invests more than $300 million in the Maine economy annually. For more information, visit mainehousing.org.