Thursday, Feb 8 - MAHC Member Meeting, 9-10:30 am, Maine Housing, 26 Edison Drive, Augusta
In person panel discussion on the Affordable Housing Investment Market. Hybrid meeting access. Email for remote link. Featuring speakers from Bangor Savings Bank, M&T Bank, CREA, Evernorth and WNC.
Governor Mill's State of the State Address Includes Proposed Budget Funding for Housing
Read the statement here. Housing funding includes $16 million for shelters/warming centers, and $10 million for the affordable home ownership program at Maine Housing that is currently out of subsidy. Governor Mills is encouraging a modest spending approach and hoping to save $100 million in the rainy day fund to save for the next biennium and the potential for reduced revenue at that time. MAHC applauds a prudent approach, but considering the housing crisis and suffering across the State, believes now is the time to start building homes so all Maine people have the stability, economic opportunity, and safety that a home provides.
MAHC in The News to Support State Historic Tax Credit Expansion
NewsCenter Maine visited the Picker House Lofts project in Lewiston to highlight how LD2106's State Historic Tax Credit expansion can support affordable housing development. Story here.
Following a Meeting with the Maine Delegation, MAHC will Meet with Region I HUD Staff in Boston to Discuss Proposed Rule Changes that Will Expand the Interpretation of HUD Choice Limiting Actions MAHC submitted this memo to Juana Mattias, HUD Region I Director to describe the barriers that HUD CLA are unnecessarily creating in housing all Maine people. This is a national issue, and MAHC is partnering with NH and VT housing leaders to elevate this issue.
MAHC Submitted Testimony in Opposition of DEP Rules Changes That Will Increase Lead Times and Carrying Costs for Affordable Housing Changes are proposed to Chapter 2 of DEP rules. Chapter 2 governs the processing of license applications, appeals of Commissioner license decisions to the Board, petitions and motions to modify, revoke or suspend licenses, petitions for corrective action orders, and other determinations on specific matters as described in the rule. This has a direct impact on the development of affordable housing. MAHC submitted testimony in opposition to the proposed changes.Chapter 2: Rule Concerning the Processing of Applications and Other Administrative Matters Ch 2 Draft Rule :: Ch 2 Fact Sheet ::
ESTIMATING THE NATIONAL HOUSING SHORTFALL
With home prices and rents hovering near record highs, and for-sale inventories and vacancies stuck near record lows, there is a significant housing shortfall. Most experts agree that it is this deficit that is at the root of the country’s affordability challenges. Measuring this gap is difficult, though, and estimates vary widely depending on the assumptions and methodologies used to calculate it Read in browser »
HOUSING SUPPLY, LABOR MARKETS, AND ECONOMIC GROWTH
THURSDAY, FEBRUARY 15, 2024 | 11 a.m. to 12 p.m. ET VIRTUAL
While the insufficient supply of affordable homes in the United States leads to higher housing costs, it can also limit mobility, productivity, economic growth, and opportunity. This webinar will highlight the research demonstrating the relationship between housing supply and the labor market, including worker mobility and productivity, followed by a discussion with private-sector experts on how high housing costs and the lack of affordable homes are impacting their businesses, employees, and economic growth.
Panel discussion featuring:
Orphe Divounguy | Senior Economist, Zillow
Edward Glaeser | Chair, Department of Economics; Fred and Eleanor Glimp Professor of Economics, Harvard University
Taylor Marr | Senior Housing Economist, Airbnb
Kristen Sawin | Vice President of Corporate Affairs, Weyerhaeuser
Kristen Klurfield | Senior Policy Analyst, BPC (Moderator)
PUBLIC NOTICE - Department of Economic and Community Development - Housing Opportunity Program Municipal Grants
The State of Maine is seeking applications for municipal grants to assist municipalities in community housing planning and implementation services to support the creation of housing development plans, including municipal ordinances, and policy amendments to support those plans. A copy of the RFA, as well as the Question & Answer Summary and all amendments related to the RFA, can be obtained at: https://www.maine.gov/dafs/bbm/procurementservices/vendors/rfps An informational session will be held on February 13, 2024, at 11 a.m. by virtual webinar (Zoom). Please use the following link to attend: https://mainestate.zoom.us/j/87030962132?pwd=VktlYVZTQ1dMTGJMSTNBdkwycHB4UT09
Any questions regarding the RFA must be submitted by e-mail to the Grant Coordinator identified on the Grant RFPs and RFAs webpage by February 20, 2024, at 11:59 p.m. local time. Applications must be submitted to the State of Maine Division of Procurement Services, via e-mail, at: Proposals@maine.gov. Submissions must be received no later than 11:59 p.m., local time, on March 7, 2024. Applications will be opened the following business day. Applications not submitted to the Division of Procurement Services’ aforementioned e-mail address by the aforementioned deadline will not be considered for contract award.
Federal Policy: Senator King Introduces Historic Tax Credit Growth Act
Addressing Maine's Affordable Housing Shortage
Communities all across America are facing a serious affordable housing crisis, but we have some unique opportunities to tackle this crisis right here in Maine. To encourage the redevelopment of older buildings into housing, I co-sponsored the bipartisan Historic Tax Credit Growth & Opportunity (HTC-GO) Act. This bill is a commonsense way to expand affordable housing availability by providing tax credits to people rehabbing and modernizing existing historical structures.
Let's say you own a historic Main Street store that you're planning to restore and renovate. The renovations are going to cost $3.5 million. Under the HTC-GO Act, you wouldn't have to rely solely on mortgage financing. Instead, you would become eligible for a federal tax credit that is 30% of the renovation cost — in this case, $1 million. If the property is renovated into affordable housing units, you would become eligible for even more tax credits under Maine state law. Solving the affordable housing shortage will require a silver buckshot approach. But with creative solutions like this bill, we can combat the housing crisis, while supporting job creation and economic revitalization. Learn more about this collaborative and bipartisan bill here.
New Bipartisan Pro-Housing Legislation Introduced
MAHC is pleased to be a member of Up For Growth that has worked to get this legislation submitted.
Up For Growth is thrilled to announce the introduction of our Signature Legislation, The Housing Supply and Affordability Act. Championed by a bipartisan group of legislators, including Representatives Lisa Blunt Rochester (D-Del.), Brian Fitzpatrick (R-Pa.), Joyce Beatty (D-Ohio), and Senators Amy Klobuchar (D-Minn.) and Tim Kaine (D-Va.), This bill's introduction is a victory for our members and the communities we serve. Bill Highlights:
A $300 million annual grant program for 5 years, targeting efforts to increase housing supply without displacing current residents.
A commitment to rural communities with at least 10% of funds dedicated to rural areas.
A focus on equitable housing access for all, emphasizing the removal of barriers to affordable housing and preventing displacement.
Guidance from HUD to foster innovative housing development strategies, streamline processes, and encourage community engagement.
Transparent reporting requirements for grant recipients to ensure accountability and effective use of funds.
This all day conference held every other year delves into housing and policy issues impacting addressing the need for housing in Maine and nationally. Hear from business and municipal leaders working on housing, statewide elected officials, housing policy leaders, development professionals and more. Attend to network with who’s who in Maine’s housing development world and understand the opportunities and challenges we face in the policy realm to meet Maine’s need of 80,000 new homes by 2030. With a presidential election, and a new Maine legislature starting, this is the event to understand what’s ahead for housing and how to get involved in advocacy so all Maine people have a home.
