AUGUSTA - The Legislature's Joint Select Committee on Housing voted with unanimous support for legislation sponsored by Rep. Kristen Cloutier, D-Lewiston, to expand affordable housing.
The bill would amend the Maine Cooperative Affordable Housing Ownership Act to include group equity cooperatives. It would also provide that a housing assistance program must be made reasonably available to residents of housing cooperatives.
"The current housing crisis in our state has left many Mainers struggling to find secure housing," said Cloutier. "The goal of LD 1505 is to provide affordable housing options on a not-for-profit basis to people who wish to have more control over their housing conditions and who, in most cases, would otherwise be tenants of commercial rental housing."
LD 1505 would give renters greater autonomy and decision-making in their housing choices. Under a cooperative housing model, members can either pay a deposit to move in or pay a share of the cost. Upon moving out, members do not profit from their time in the co-op, but rather have their deposit or share returned to them. This means that the cost to get into a group equity co-op is generally much lower than the cost of more traditional co-ops.
"For renters who struggle to find affordable housing, particularly in cities like Lewiston, group equity cooperative housing provides a solution that is both affordable and equitable, said Cloutier."
The bill faces further votes in the House and Senate in the coming weeks.
Cloutier is the Assistant House Majority Leader and is currently serving her third consecutive term in the Maine House of Representatives. She represents House District 94, which is part of Lewiston, her hometown.
Contact:
Brian Lee [Cloutier], 305-965-2744