AUGUSTA - Yesterday, The Maine House of Representatives gave final approval to a measure sponsored by Rep. Ambureen Rana, D-Bangor, that would encourage the development and construction of affordable rental housing by extending the sunset date of the Low Income Housing Tax Credit.
The credit was originally passed by the Legislature in 2019 to incentivize the development of affordable rental projects through an investment of $80 million over eight years. Without legislative action, the credit is set to expire in 2028. Under the amended version of LD 2116, the tax credit would be extended to Dec. 31, 2036.
“Bangor is at the center of Maine’s housing crisis. I hear every day from people in my community who are living month-to-month or even day-to-day, wondering how they’re going to pay rent and keep a roof over their heads,” said Rana. “Making this tax credit permanent will allow us to continue addressing Maine’s housing shortage, particularly for working families, seniors and rural communities.”
Since it was passed in 2019, the credit has helped spur the development of almost 1,000 affordable units throughout the state.
The measure has garnered support from a number of housing advocacy groups and stakeholders, including the Maine Center for Economic Policy, Developers Collaborative and Maine Affordable Housing Coalition.
“The beneficiaries of this credit [are] what matters most – the people that desperately need affordable housing – aging Mainers, people with disabilities, working families and others,” said Laura Mithcell, executive director of the Maine Affordable Housing Coalition, in testimony supporting the bill at its public hearing in January. “This tax credit changes their lives. It also supports local economies and helps Maine people stay in the places they call home.”
The measure faces additional votes in the coming days.
Rana is serving her second term in the Maine House and represents House District 21, which includes part of Bangor. She serves on the Legislature’s Appropriations and Financial Affairs Committee.
Contact:
Brian Lee (Rana) | 305-965-2744