An Act To Establish A First-Time Home-Buyer Program Administered By The Finance Authority Of Maine

LD 845 establishes a First-time Home-buyer Program administered by Maine's Finance Authority to assist residents who haven't owned a primary home in the past three years. The program provides affordable mortgages with a maximum 5% down payment, interest rates below market rates, and 30-year loan terms, while setting county-specific home price limits based on local housing markets. The Finance Authority must allocate loans equitably across all 16 counties, report annually on loan distribution and program effectiveness starting in 2027, and may accept federal grants or private funding to support operations.