An Act To Authorize A General Fund Bond Issue To Address Maine'S Housing Shortage

LD 1912 authorizes Maine to issue $60 million in general obligation bonds to address the state's housing shortage, pending voter approval in a November election. The bond proceeds would be allocated as follows: $30 million to support housing manufacturers through the Innovative Housing Incentive Program (grants for affordable housing production and factory expansion), $25 million to the Maine State Housing Authority for home accessibility repairs, $2.5 million for weatherization assistance to low-income households, and $2.5 million for rehabilitating aging housing for first-time homebuyers. The bonds must be repaid within 10 years, with unspent funds lapsing to retire other state debt. This bill requires a statewide referendum for ratification before implementation.