40 This bill establishes the Vacant School Housing Conversion Program within the Maine
41 Redevelopment Land Bank Authority. The program provides technical and financial
38 assistance to municipalities seeking to develop vacant school buildings into properties that
39 provide residential housing, including units dedicated as affordable housing. The bill also
40 establishes the Maine School Conversion Fund, which is used to support the development
41 of vacant school buildings. The bill provides for an ongoing annual appropriation of $5
42 million to the fund. The redevelopment authority administers the fund, and the fund's uses
43 are limited to supporting development of vacant school buildings in municipalities that
44 have memoranda of understanding with the redevelopment authority that it will act on
45 behalf of the municipality to manage requests for proposals from entities seeking to develop
46 the property. Finally, the bill requires the redevelopment authority to submit an annual
47 report to the joint standing committee of the Legislature having jurisdiction over housing
48 matters regarding the program.