By Rep. Parnell Terry
The Legislature recently convened for the start of a new session, and this year, we will consider hundreds of bills before our expected adjournment date in mid-April.
One issue I hear from constituents more than almost any other is that the rising cost of living has been putting a lot of pressure on Gorham family budgets. From the costs of housing and health care to energy and child care, it’s getting a lot more difficult for families to make ends meet and build their lives here.
Working to lower the cost of living, build stronger communities and address the real challenges facing Maine families will be my top priority in Augusta. Last month, I joined many of my colleagues to support the introduction of a package of policy proposals that will do just that.
Right now, too many hardworking Maine families are being priced out of homeownership. To help more families be able to afford to purchase a home, I’ve cosponsored a bill, LD 2077, that would direct the Maine State Housing Authority to provide grants of up to $15,000 to eligible Maine homebuyers to help them lower their mortgage rate.
This is a common-sense proposal that would make a real difference in lowering costs for potential homebuyers. For example, lowering the interest rate from 6% to 5% on a $300,000 mortgage would save a family nearly $200 a month – which amounts to almost $70,000 over the life of a 30-year loan.
That’s money directly back into the pockets of working families that can help pay for groceries, child care, utility bills and other everyday expenses. While it wouldn’t solve all of our affordability challenges overnight, it would provide a meaningful step to help more folks be able to realize their dream of homeownership.
Additionally, I also hear a lot from constituents that rising energy bills are putting real strain on their budgets. To help address this, I co-sponsored another bill, LD 2078, to help lower electricity costs by providing eligible Mainers with a new income tax credit of up to $600 per year. The credit would work similar to the state’s existing Property Tax Fairness Credit and Sales Tax Fairness Credit, two proven policies that we know work well and help mitigate costs for working families across Maine every year.
Over the last few years, the cost of electricity has skyrocketed, largely due to New England’s dependence on natural gas to produce our power. But electricity is a necessity, not a luxury – and this bill would help us to provide meaningful relief to those who need it the most.
These are just a handful of examples of some of the bills I plan to support in my legislative work this year, and I look forward to updating you on all of our efforts to make life better for all Mainers as the session progresses. This includes a new proposal that the Legislature will consider from Governor Janet Mills to make tweaks to the state’s two-year budget.
As always, please feel free to contact me at Parnell.Terry@legislature.maine.gov with your questions and concerns. I am here to serve you, and I can do that best by hearing directly from you. Maine people deserve leaders who are fighting to keep our communities strong, ensuring we can all afford to live out healthy, prosperous lives in this great state we call home.
Rep. Terry is serving his first term in the Maine House and represents part of Gorham. Terry is a member of the Inland Fisheries and Wildlife Committee and the Veterans and Legal Affairs Committee.