In an ongoing effort to increase the supply of moderately-priced homes available to Mainers, the State of Maine is making $10 million available to facilitate the development of subdivisions with affordable single family homes. The funding comes from the American Rescue Plan Act, through the Maine Jobs & Recovery Plan. The Affordable Homeownership Program is intended to help lower the costs to developers building single-family subdivisions by providing zero percent interest, forgivable loans. This funding will help to offset the rising costs to developers for land acquisitions, labor, and materials.
Developers receiving Affordable Homeownership Program funding will be required to set aside homes in the subdivision as Affordable Homeownership Units. An Affordable Homeownership Unit is a lot with a new (never previously occupied), owner-occupied single-family home that will be sold to homebuyers who earn up to 120% of Area Median Income (AMI), and meets other criteria outlined in the program guide.
Proposals must meet the following criteria to be eligible for Affordable Homeownership Program financing:
Eligible expenses for forgivable loans under the Affordable Homeownership Program include:
Overhead, staffing, and other general operating costs are not eligible expenses under the Affordable Homeownership Program.
Brianne McNally, Multifamily Development Loan Officer
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