New Maine Bill Would Offer $15K Grants to Help First-Time Homebuy

Maine lawmakers introduced a new bill Thursday aimed at making homeownership more affordable through state-funded grants.

According to WGME, the proposal would require the Maine State Housing Authority to offer eight grants of up to $15,000 to low- and moderate-income households. The money would be used to buy down the interest rate on a mortgage for the purchase of a single-family home, helping reduce monthly payments.

Supporters say current Maine law allows assistance for refinancing or home improvements, but does not currently allow grants to lower mortgage payments for a new home purchase.

One of the bill’s sponsors says more Mainers are being priced out of the places they work and live.

“Teachers, nurses, tradespeople and other essential workers are being priced out of the communities they serve,” said Rep. Wayne Farrin (D-Jefferson). “Couples who are ready to put down roots find themselves stuck in rental markets or worse, leaving Maine altogether for more affordable states.”

WGME said that the bill is expected to head to a work session in the Taxation Committee before it could move to the full legislature for a vote.