The Rental Loan Program (RLP) provides low interest rate, long-term mortgage financing to qualified private and nonprofit developers of affordable rental housing. The RLP may be used for acquisition, acquisition and rehab, or new construction of apartment buildings of five or more units. Developers must reserve a portion of the units for lower income renters.
**Due to overwhelming interest, the 4% Tax Credit Walk-in Funding Program is closed to new applications until additional funding sources can be obtained.**
Qualified developers may apply. Applicants must:
Demonstrate previous successful experience in the development of similar projects.
Have a satisfactory credit history and demonstrate adequate financial capacity to own and operate the housing.
Have control of the development site.
Demonstrate they will provide the required number of lower income units.
In addition, the management agent for the housing must be able to demonstrate successful experience in managing similar properties.
MaineHousing generally selects for RLP funding those developments that will provide the greatest amount of long term, low-income housing at the least cost of taxpayer subsidy dollars.
Developers without prior experience with MaineHousing must meet with MaineHousing staff to discuss the program project specifics.
To apply for RLP and for more information on program eligibility, download the RLP Program Guide and Application and complete the associated application form. Developers must submit a complete application, including an environmental assessment questionnaire and application fee.
For more information, see the related documents or contact: