This bill changes the distribution of revenue from the real estate transfer tax on property transfers by deeds to provide that beginning in fiscal year 2023-24 revenue received by the State would be distributed entirely to the Maine State Housing Authority for deposit in the Housing Opportunities for Maine Fund after the transfer of funds identified to be used by the Maine State Housing Authority for deposit in the Maine Energy, Housing and Economic Recovery Fund to meet the authority's obligations relating to bonds issued or planned to be issued by the authority for the Maine Energy, Housing and Economic Recovery Program. For fiscal years 2025-26 to 2030-31, as long as the revenue to the Maine State Housing Authority does not fall below the level of available revenues of fiscal year 2021-22, 50% of the remaining funds received in the Housing Opportunities for Maine Fund must be used to support the creation of new housing units that are affordable to low- income households.

Statutes affected:
Bill Text LD 1454, SP 572: 36.4641