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.

SP 899, An Act To Accelerate The Production Of Affordable Housing And Strengthen The Historic Property Rehabilitation Tax Credit

Last Action

On motion by Senator ROTUNDO of Androscoggin PLACED ON THE SPECIAL APPROPRIATIONS TABLE pending PASSAGE TO BE ENACTED, in concurrence.

Senate • Mar 20, 2024

Latest Version

Bill Text LD 2106, SP 899

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Your Message to the legislators

Dear (name and title inserted automatically),

I am writing to express my strong support for LD 2106, a bill that aims to expand the Historic Property Rehabilitation Tax Credit program in our state. This credit has already had a significant positive impact on our communities by facilitating the construction of affordable housing units in historic properties, and now it's time to take it to the next level.

The Historic Property Rehabilitation Tax Credit has been instrumental in creating hundreds of new affordable housing units throughout our state. However, as construction costs have more than doubled since the program's inception, the current funding allocation falls short of unlocking the same level of construction that it did when initially expanded. This poses a significant challenge for Maine, especially at a time when we are in dire need of more housing options.

LD 2106 is a straightforward bill that addresses this issue by increasing the cap on the Historic Property Rehabilitation Tax Credit. By doing so, it would bring the purchasing power of the Maine credit closer to its original value in 2008. This adjustment is crucial for rehabilitating historic buildings and ensuring their long-term viability while also boosting housing production in communities across the state.

I urge you to support LD 2106 as it presents a tangible solution to the pressing housing shortage issue in Maine. Expanding the Historic Property Rehabilitation Tax Credit is a practical step we can take during this legislative session to make a real difference in our communities.

Thank you for your time and attention to this matter. Your support for LD 2106 would have a significant positive impact on our state's housing crisis.