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Budget Proposal in Maine Would Boost State LIHTC Funds

Thursday, May 11, 2023 - 11:00AM

A budget proposal released Wednesday by Maine Gov. Janet Mills includes a one-time $35 million addition to the state’s low-income housing tax credit (LIHTC) program for fiscal year 2023-24. The funds would support the construction of nearly 350 apartments, according to a press release. The proposal is part of a wider budget amendment on behalf of the Mills administration aimed at addressing homelessness, workforce development and housing. Maine introduced its state LITHC in 2020 with sunset scheduled for Dec. 31, 2028. Maine has a $10 million state annual LITHC cap.

Learn about the fundamentals of the LIHTC with a copy of the Novogradac Introduction to Low-Income Housing Tax Credits Premium.

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