Affordable Housing Initiative for Maine Islands
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
Contact Information
For more information on program eligibility, priorities, and how to apply, download and review the Program Guide.
Multifamily Development Info
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