This bill amends the notice an owner of an affordable rental housing property is required to provide when the limitation of the rent amount an owner may charge or the income a person or family needs to qualify to rent in an affordable housing development is likely to end, whether due to sale or transfer of the property, termination of state or federal financial assistance or other action taken by the owner. The notice requirements for the end of the limitation due to the termination of federal and state financial assistance is set at
2 years prior to the end of the financial assistance, or November 30, 2025 if the financial assistance will end in less than 2 years from the effective date of this legislation. The notice requirement for any other termination of the limitation remains at 90 days. The bill makes other changes to the Maine Revised Statutes, Title 30-A, subchapter 12 to adjust for the amended language.

Statutes affected:
Bill Text LD 1041, HP 670: 30-A.4972, 30-A.4973, 30-A.4976