Establishes a pilot program to grant up to $80,000 per unit to nonprofit housing developers for rehabilitating aging housing stock for first-time.

The bill creates a pilot program by the Maine State Housing Authority to issue grants to nonprofit housing developers for rehabilitating existing aging housing stock. The program targets units for first-time home buyers with incomes up to 120% of the area median income. Grants can be used for lead paint mitigation, energy efficiency improvements, and repairs to essential systems like heating, electrical, and plumbing. Buyers must agree to a profit-sharing arrangement if they sell within the first years of ownership, with the percentage of retained profit increasing over time.

Establishes a pilot program to grant up to $80,000 per unit to nonprofit housing developers for rehabilitating aging housing stock for first-time.

The bill creates a pilot program by the Maine State Housing Authority to issue grants to nonprofit housing developers for rehabilitating existing aging housing stock. The program targets units for first-time home buyers with incomes up to 120% of the area median income. Grants can be used for lead paint mitigation, energy efficiency improvements, and repairs to essential systems like heating, electrical, and plumbing. Buyers must agree to a profit-sharing arrangement if they sell within the first years of ownership, with the percentage of retained profit increasing over time.