LD1486

Establishes a program to provide down payment assistance loans to first-generation homeowners in Maine.

The bill creates the First-generation Homeowner Down Payment Assistance Program within the Maine State Housing Authority. It provides loans to eligible first-generation homeowners with incomes at or below 100% of the area median income. Loans are forgivable at a rate of 20% per year, capped at 10% of the property's purchase price, with administrative costs not exceeding $3,200 per loan. The program prioritizes applicants who demonstrate a need and ability to repay. The bill allocates $10,000,000 annually for the program.