Public Notices

PUBLIC HEARING Low Income Housing Tax Credit Law

A public hearing will be held on Tuesday, August 18, 2020 at 9:30 AM.
To listen or testify, please contact Gerrylynn Ricker no later than 5:00 p.m. on Friday, August 14, 2020 at MaineHousing, 26 Edison Drive, Augusta, Maine 04330-6046; (207) 626-4600 (voice); 1-800-452- 4668 (voice in state only); or 711 (Maine Relay) or via e-mail: [email protected]. 
 
Upon sufficient notice, appropriate communication auxiliary aids and services will be provided to persons with disabilities and persons with limited English proficiency.
COMMENT DEADLINE: Friday, June 5, 2020 at 5:00 p.m.

BRIEF SUMMARY: The state low income housing tax credit law was recently enacted to provide funds for the development and preservation of multi-family affordable housing. Under the law, at least 80% of the credit to be allocated in a calendar year must be set aside for the construction or adaptive reuse of buildings for new rental units. The amount of the state low income housing tax credit a project receives for such new rental units is equal to the amount of federal low income housing tax credits the project receives in conjunction with the issuance of tax exempt bonds. Over time, MaineHousing must seek to allocate 30% of the credit allocated to new rental units to senior housing and 20% of the credit allocated to new rental units to “rural areas.” In addition, at least 10% of the credit to be allocated in a calendar year, must be set aside for qualified rural development preservation projects that incur at least $100,000 in improvements.

A copy of the proposed replacement rule may be found at:  https://mainehousing.org/about/rules 

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