AUGUSTA - Rep. Mo Terry, D-Gorham, legislation Tuesday that would expand the Maine Historic Rehabilitation Tax Credit (HTC) and establish a weatherization tax credit.
Maine's current HTC offers a 25% refundable credit for certified commercial rehabilitation projects. For projects that include affordable housing, there is an additional 5% tax credit. The program also offers a small project credit of $50,000 to $250,000 for qualified rehabilitation expenses.
LD 1810 would increase the tax credit for the rehabilitation of historic properties for taxpayers not currently claiming the federal rehabilitation credit. It would also establish a new refundable tax credit for the rehabilitation and weatherization of certified historic homes.
Additionally, the bill would make an expanded credit available to property owners at or below 120% of the area median income as well as for properties that include an affordable housing unit provided to a renter at or below 100% of the area median income.
"This bill could help move many of our unhoused neighbors into spaces that are currently unoccupied and just need a little investment and repair," said Terry "It could help support culturally and historically sensitive rehabilitation on main streets throughout the state and incentivize more Mainers to make climate-friendly upgrades to their homes."
Over the past 20 years, the costs of finding a place to live in Maine has grown more quickly than Mainer's median household income. Currently, Maine is experiencing a shortage of between 20,000 to 25,000 affordable housing units across the state. The Maine state economist has acknowledged that a lack of affordable housing is one of the most profound challenges facing our economy, particularly as it relates to attracting and retaining workers.
LD 1810 was supported by numerous advocacy groups at its public hearing, including the Maine Association of Realtors, the Cultural Alliance of Maine, Greater Portland Landmarks, the Maine Center for Economic Policy and Community Housing of Maine.
The committee will hold a work session on the bill in the coming weeks.
Terry, who represents part of Gorham, is serving her fourth term in the Maine House and serves as the House Majority Leader. She is a chef and small business owner with more than 25 years of experience in the food service industry.
Contact:
Brian Lee [Terry], c. 305-965-2744