We Have a Housing Crisis - Expand the Historic Tax Credit
LD 2106 will build new affordable housing.
Our state's Historic Property Rehabilitation Tax Credit has paved the way for hundreds of new units to be constructed across the state. It's time to expand the program.
Construction costs have more than doubled since the Historic Rehabilitation Tax Credit was overhauled. This means that the current funding only unlocks less than half the construction of units that it did when it was expanded.
This is a significant problem for Maine at a time when we need more housing in places like historic mills, schools, churches, garden halls, and other historic buildings.
This is a straightforward bill that increases the cap to bring the purchasing power of the Maine credit closer to where it was established in 2008.This would help rehabilitate mills and other historic buildings in communities across the State.
This bill is one of the most tangible things we can do to boost housing production in Maine this legislative session.