ACTION ALERT: Lawmakers Return to Augusta Next Week To Consider Left Over Spending Bills - Email Appropriations to Fund LD2106: State Historic Tax Credit
Ask Appropriations Committee to fund:
LD2106, An Act to Accelerate the Production of Affordable Housing and Strengthen the Historic Property Rehabilitation Tax Credit, is a critical housing bill still on the Appropriations Table.
Lawmakers can now act on this bill, and MAHC is urging the Appropriations Committee to fund LD2106 off the Appropriations Table.
The Maine Historic Rehabilitation Tax Credit (Maine HRTC) has played a vital role in preserving Maine's historic properties while creating opportunities for additional housing. However, the credit has been capped at $5 million per developer, a year. While the Legislature clarified in 2013 that this cap applies to each building in a large historic complex, the purchasing power of $5 million has dwindled significantly since 2008.
Maine has experienced a dramatic increase in construction costs, doubling costs since 2015 and rising even more compared to 2008. Consequently, the current $5 million cap is no longer sufficient to support the rehabilitation of historic properties, particularly those used for housing in mills, schools, churches, grange halls, and other historic buildings. This situation presents a substantial obstacle to housing development in these unique and valuable structures.
With Maine facing a housing crisis, all avenues for developing housing in Maine must be supported. The historic tax credit is a win-win solution with bipartisan support for maintaining Maine's character and helping all Maine people have a home.
“We know where the greatest need is (affordable housing), but we need housing for all people in Maine,” Laura Mitchell, the director of Maine’s Affordable Housing Coalition, said. “If there were more homes available, it might bring some costs down.” Bangor Daily News article
Maine Housing Gets $76M in New Funding from Legislature This Year
Send Your QAP Input by 4/26 - New QAP out for Public Comment
Maine’s 2025-2026 Qualified Allocation Plan draft from Maine Housing has been released. The redlined version is here. Comments must be received by April 26. The DRAFT can also be found on the “Rules” page: https://mainehousing.org/about/rules
Your Membership At MAHC Brings In Funding So We Can All Celebrate Grand Openings! Come See these Gorgeous New Homes for all Maine People
Maine Connectivity Authority Invites You
Preble Street to host conference on homelessness
Mark your calendars for Thursday, October 17, 2024. Preble Street is convening its second biennial conference on homelessness this fall. This conference will bring together Maine's decision-makers and leaders to discuss new and effective strategies for addressing growing challenges and needs in the state. CLICK HERE FOR CONFERENCE UPDATES
While this year's tax legislation--the Tax Relief for American Families and Workers Act (H.R. 7024), including two provisions to expand Housing Credit production and preservation--remains stalled in the Senate, House tax writers have already commenced work to prepare for what is expected to be a much more significant tax package next year in advance of much of the 2017 Tax Cuts and Jobs Act (TCJA) expiring. Today, House Ways and Means Chairman Jason Smith (R-MO-08) announced the establishment of ten tax teams, each comprised of Republican members of the Committee, that will begin to consider how to address the expiration of numerous aspects of the current tax system put in place under former President Trump. Because Congress passed the TCJA using a special budget procedure (reconciliation) to bypass the Senate filibuster rules, most tax provisions the legislation put in place had to be temporary in nature to control costs and will revert to previous law after 2025 unless Congress acts.
One of the tax teams will cover all community development issues, including affordable housing. The community development team, chaired by Rep. Mike Kelly (R-PA-16), has as members Reps. Claudia Tenney (R-NY-24), Darin LaHood (R-IL-16), Blake Moore (R-UT-01), and Mike Carey (R-OH-15). LaHood and Tenney are lead sponsors of the Affordable Housing Credit Improvement Act (H.R. 3238) and the other members of the team are all cosponsors. The ACTION Campaign will work closely with all five members of the team as they consider affordable housing-related recommendations for the legislation next year. The other Republican tax teams will consider American manufacturing, working families, American workforce, Main Street, new economy, rural America, supply chains, U.S. innovation, and global competitiveness.
MAHC Housing Policy Conference
Coming up on November 13, 2024 at the Doubletree by Hilton, Portland. Get your sponsorship and vendor table today.
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