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Maine Bill Would Create State LIHTC for Workforce, Rural, Senior Housing

Wednesday, May 8, 2019 - 10:45AM

Legislation in Maine would create a state low-income housing tax credit (LIHTC). L.D. 1645 would allow a 4 percent LIHTC for workforce housing developments that are adaptive reuse of a building not used for residential purposes and have a minimum of 60 percent of units restricted to households with incomes at or below 50 percent of the area median income. The credit would be also available for rural developments and senior housing. The credit would be available from Jan. 1, 2021, through Dec. 31, 2024, and would be equal to the federal LIHTC. The LIHTC would have an annual statewide cap of $20 million. Another bill in Maine would create a 4 percent state LIHTC.

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