AUGUSTA – Yesterday, the Maine House of Representatives voted to advance legislation sponsored by Rep. Wayne Farrin, D-Jefferson, that would help more Mainers afford to buy homes by reducing mortgage costs.
As amended, LD 2077 would direct the Maine State Housing Authority to provide grants of up to $15,000 to eligible homebuyers to help them lower their mortgage rate. In practical terms, 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.
“Too many hardworking Maine families are being priced out of homeownership, including right here in Lincoln County,” said Farrin, a licensed real estate agent. “MaineHousing is projected to help finance more than 1,300 mortgages this year, each of which would qualify for this grant. That’s more than 1,300 families or individuals who could get help buying their first home. This bill is about keeping Maine affordable for the people who live and work here.”
Housing affordability remains a significant challenge across the state. In 15 of Maine’s 16 counties, the median sale price for a single-family home exceeds what the median household income can reasonably support. Statewide, less than 22% of homes in Maine are affordable for middle income households. In Lincoln County, the numbers are even more stark: 74% of households are unable to afford the median-priced home.
The bill faces further votes in the House and Senate in the coming days.
Farrin is serving his first term in the Maine House and represents Jefferson, Alna, Whitefield and Wiscasset. He serves as a member of the State and Local Government Committee and the Marine Resources Committee.
Contact:
Brian Lee (Farrin) | 305-965-2744