Establishes a Small-cap Loan Guarantee Program for affordable housing investments in Maine.
The bill establishes the Small-cap Loan Guarantee Program in Maine to provide state-backed loan guarantees for small-cap projects, defined as affordable or low-income housing construction or rehabilitation projects valued at $1,000,000 or less. The program aims to increase affordable housing availability and support small-cap projects, particularly in underserved areas. The Maine State Housing Authority or a contracted organization administers the program, which is funded by application fees based on the loan amount and risk assessment.
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