Governor LePage backs MaineHousing’s bonds to finance affordable rental housing projects
AUGUSTAundefinedGovernor Paul R. LePage has notified the Maine State Housing Authority that he supports its efforts to boost Maine’s construction and affordable housing sectors through the issuance of moral obligation, tax-exempt private activity bonds.
With Governor LePage’s backing, MaineHousing will finance approximately $40 million in affordable rental housing projects in the coming months and could issue up to $120 million total in the next couple of years. Private investors like these bonds because of the economic stimulus they bring and the 4% tax credit they get in return for investing.
“This type of bond is one more economic stimulus tool the state has in its tool box to create jobs and improve Maine’s economy through private investment,” said Governor LePage. “Most importantly, it will fund the creation or renovation of affordable rental housing for income-eligible working individuals and their families.”
The Governor’s signature is required by law for these “moral obligation” bonds to be issued by MaineHousing. These bonds are not part of the bond package agreed upon last week by the Governor and the Maine Legislature.
“MaineHousing is appreciative of Governor LePage’s support for our bonds,” said John Gallagher, MaineHousing director. “We’re ready to put them to work. We’ve notified developers and investors that the process is underway, and they’re just as anxious as we are to get started.”
Up to 35 businesses are employed at each housing job site, from plumbers and electricians to architects and landscapers.
MaineHousing’s bond rating is Aa1/AA+ by many of the top rating agencies.
The mission of MaineHousing is to assist Maine people to obtain and maintain decent, safe, affordable housing and services suitable to their unique housing needs. Please visit our Web site at www.mainehousing.org.
MaineHousing does not discriminate on the basis of race, color, religion, sex, sexual orientation, national origin, ancestry, age, physical or mental disability, or familial status in the admission or access to, or treatment or employment in, its programs, and activities. MaineHousing will provide appropriate communication auxiliary aids and services upon sufficient notice. MaineHousing will also provide this document in alternative formats upon sufficient notice. MaineHousing has designated the following person responsible for coordinating compliance with applicable federal and state nondiscrimination requirements and addressing grievances: Louise Patenaude, MaineHousing, 353 Water Street, Augusta, Maine 04330-4633, Telephone Number 1‑800‑452‑4668 (voice in state only),(207) 626‑4600 (voice), 1‑800‑452‑4603 (TTY in state only), or (207) 623‑2985 (TTY).