Short Term Real Estate Acquisition Program


Program Summary


The Short Term Real Estate Acquisition Program (STREAP) will provide flexible, short-term capital that allows partners to take advantage of an opportunity to acquire real estate quickly, with reduced time and paperwork requirements as compared to other MaineHousing funding programs. Funds may be used for real estate acquisition and associated closing costs. The borrower must be acquiring the properties to preserve or create new affordable housing.

All applicants will be required to describe the extent to which they can address one or more of the following Consolidated Plan priorities:

  • Improve Housing Quality
  • Expand the Supply of Affordable Housing
  • Help Maine People Attain Housing Stability

     


Eligibility


Eligible uses include:

  • Real-estate acquisition for the preservation of existing, or the creation of future, affordable housing

You may be eligible for a Pre-Development Loan if you are a:

  • Maine-chartered Public Housing Authority or Tribal Housing Authority
  • Are a Community Action Agency
  • Wholly-owned subsidiary of one of the above
  • Non-profit affordable housing developer

 


More Info


For more information on the program please contact:

Jason Pare, Multifamily Loan Officer 

Email IconEmail Me

Phone Icon(207) 626-5792


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(800) 452-4668 \ (207) 626-4600
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