Affordable Housing Initiative for Maine Islands


Program Summary


MaineHousing is making zero interest forgivable loan funding available from the proceeds of taxable/tax-exempt bonds issued by MaineHousing pursuant to the Maine Energy, Housing and Economic Recovery Program, 30-A M.R.S.A. c. 201, sub-c. 7-A (Part E Bonds) to finance the creation or substantial rehabilitation of affordable multi-family rental housing units located on Maine’s island communities.  

Rental housing units must remain as rental housing for a minimum of 45 years and must be leased to full-time island residents as their primary residence.



Eligibility


Eligible Islands:

Chebeague, Cliff, Frenchboro, Great Cranberry, Great Diamond, Isle au Haut, Islesboro, Islesford, Long, Matinicus, Monhegan, North Haven, Peaks, Swans, and Vinalhaven 

Affordability Requirements:

  • Up to 120% of Area Median Income
  • Term of affordability is 45 years

Affordable Housing Initiative for Maine Islands eligible activities are:

  • Acquisition and/or rehabilitation of existing rental housing units,
  • Adaptive re-use of existing buildings for rental housing, and
  • New construction of rental housing units.

More Info


For more information on program eligibility, priorities, and how to apply, download and review the Program Guide. 

Ty Heaward, Multifamily Development Loan Officer 

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