An Act To Preserve Affordability In Publicly Assisted Housing Developments

LD 1041 requires owners of low-income rental housing (with five or more units subject to rent or income restrictions) to notify tenants, tenant organizations, the Maine State Housing Authority, and local housing authorities before selling, transferring, or taking actions that would end those restrictions. The notice must include the property address and is designed to provide advance warning to affected parties. The bill defines "financial assistance" as government funding tied to making housing affordable and applies to properties receiving federal, state, or local aid requiring affordable rents or income-based eligibility. This law aims to maintain long-term affordability in publicly assisted housing developments by ensuring transparency during ownership changes.