Developers can access up to $185,000 per unit to build affordable multifamily rental housing in small towns.
In a story for Maine Public Radio republished in Next City, Nicole Ogrysko describes how a new rural affordable rental housing program from MaineHousing is funding over one hundred new, sorely needed affordable housing units in small towns around the state. “New research from the University of Southern Maine suggests the affordable housing gap may be more than 40,000 new units, because the state will need 20,000 new people to move to Maine to fill open job positions.”
The program is unique for its simplicity, making it easier for small developers to enter the affordable housing market. According to Mark Wiesendanger, development director for MaineHousing, “It doesn’t come with all the hoops that low income housing tax programs come with. You don’t have to be very experienced in working with federal or state programs to make this work.”
The program offers up to $185,000 for each new housing unit that meets the program’s requirements. “Under the program, projects must range from five to 18 units, which must be leased to households earning no more than 80% of the area median income.”
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