An Act To Authorize A General Fund Bond Issue To Fund New Affordable Housing For Low-Income Households

This bill authorizes the State of Maine to issue up to $100,000,000 in bonds to fund the construction of new affordable housing and the renovation of existing buildings for low-income households. The funds would be managed by the Maine State Housing Authority and must be repaid through state taxes over a period of no more than 10 years. Before the bill becomes law, it must be approved by voters in a statewide referendum held in November. If voters reject the measure or if the bonds are not issued within five years, the authorization expires unless the legislature extends the deadline.