New Tax Credits Aim to Help Thousands of Mainers Waiting for Affordable Housing
WGME’s Jon Chrisos reports on a new tax credit helping developers build the housing Mainers need.
The bipartisan law aims to build 1,000 new affordable homes over the next eight years.
Up to $10 million a year in state income tax credits will be given to developers who build homes for poor and elderly Mainers.
The law is similar to those in about a dozen other states and mirrors federal tax credits.
“How can we expect to keep young families here and attract them back here if there’s no affordable place for them to live?” Mills said.
MaineHousing director Dan Brennan said more than 20,000 low income people in our state are on waiting lists for Section 8 housing.
The wait for an affordable unit in Portland is more than two years.
“We all know the need is significant, and we know the numbers are stark. This event is truly a game changer for us at MaineHousing and the affordable housing industry,” Brennan said.
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