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Affordable Housing Initiative for Maine Islands is sponsored by MaineHousing. MaineHousing provides zero interest forgivable loan funding to finance the creation or substantial rehabilitation of affordable multi-family rental housing units located on Maine's island communities. Rental housing units must remain as rental housing for a minimum of 45 years and must be leased to full-time island residents as their primary residence.
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Affordable Housing Initiative for Maine Islands Affordable Housing Initiative for Maine Islands MaineHousing is making zero interest forgivable loan funding available from the proceeds of taxable/tax-exempt bonds issued by MaineHousing pursuant to the Maine Energy, Housing and Economic Recovery Program, 30-A M. R. S.
A. c. 201, sub-c.
7-A (Part E Bonds) to finance the creation or substantial rehabilitation of affordable multi-family rental housing units located on Maine’s island communities. Rental housing units must remain as rental housing for a minimum of 45 years and must be leased to full-time island residents as their primary residence.
Chebeague, Cliff, Frenchboro, Great Cranberry, Great Diamond, Isle au Haut, Islesboro, Islesford, Long, Matinicus, Monhegan, North Haven, Peaks, Swans, and Vinalhaven Affordability Requirements: Up to 120% of Area Median Income Term of affordability is 45 years Affordable Housing Initiative for Maine Islands eligible activities are: Acquisition and/or rehabilitation of existing rental housing units, Adaptive re-use of existing buildings for rental housing, and New construction of rental housing units.
For more information on program eligibility, priorities, and how to apply, download and review the Program Guide. Multifamily Development Info 2022 Affordable Housing Initiative for Maine Islands Program Guide Application & Documents Checklist Island Program Income & Rent Chart MaineHousing does not support or endorse external links.
26 Edison Drive, Augusta Maine 04330 (800) 452-4668 | (207) 626-4600 Fax: (207) 626-4678 | Maine Relay 711
According to the current listing, eligibility includes: Developers for the creation or substantial rehabilitation of affordable multi-family rental housing units on Maine's island communities. Nonprofit organizations are likely eligible as developers. Confirm the full requirements in the official notice before applying.
Affordable Housing Initiative for Maine Islands is funded by MaineHousing. Verify program details on the funder's official page before applying.
This opportunity targets applicants in Maine. If your organization operates elsewhere, check the official notice for location requirements.
Start from the official opportunity page linked in this listing — it carries the sponsor's submission instructions.
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