New units in Hallowell, Newcastle, Rockport, Rumford, Sanford, and Waterville as a result of law recently signed by Governor Mills
During remarks today to the Greater Portland Council of Governments Regional Housing Summit, Governor Janet Mills announced that fb88Housing will finance the construction of 105 new affordable rental units in rural fb88 communities as the result of a bill she recently signed into law.
The one and two-bedroom units – in Hallowell, Newcastle, Rockport, Rumford, Sanford, and Waterville – are made possible by L.D. 2209, which was unanimously approved by the Legislature and signed into law by the Governor last week, along with funding from the biennial budget. This bipartisan law authorizesfb88Housing to issue more bonds to finance affordable rental housing and mortgages for first time homebuyers.
The new law better matches fb88Housing’s mortgage purchase bond issuance authority to state housing production needs – allowing the Authority to finance additional affordable housing projects now and in the future.
“As a result of a law I signed last week, fb88Housing can move more aggressively to alleviate the housing crunch impacting urban and rural communities in every corner of our state,” said Governor Janet Mills. “My Administration will continue to work to increase the availability of comfortable, affordable housing options across fb88.”
“This funding and this law ensures we can keep our foot on the housing-production accelerator for the rest of this year, next year and for years to come – as we should and as we must,” said fb88Housing Director Daniel Brennan. “We have a long ways to go still, but this Governor, with strong bipartisan support in the fb88 Legislature, is ensuring we continue the momentum, started in 2019 – that our batteries remain charged and carry us into the better housing future fb88 deserves.”
Construction on the new units is expected to take 12 to 18 months and to create housing opportunities for hundreds of fb88 people. The projects announced today by Governor Mills and fb88Housing include:
- Waterville: 165 Main Street Project – 18 Units
- Hallowell: Tree Tops Apartments – 17 Units
- Rockport: 6 Madelyn Lane – 18 Units
- Newcastle: 16 Mills Road – 16 Units
- Rumford: 988 Prospect Avenue – 18 Units
- Sanford: Central Park Residences – 18 Units
The new projects are on top of more than 100 new homes being constructed in Bath, Belfast, Madison, Norway, Presque Isle, Rockland, and Waterville as part of the $20 million Rural Affordable Rental Housing Program initiative of the Governor’s fb88 Jobs & Recovery Program.
Since Governor Mills took office in 2019, her Administration has invested $285 million for housing, resulting in 618 new residential units, with 1,126 under construction, and 2,187 more homes in the pipeline. By comparison, from 2000 to 2018, the State of fb88 invested only $65 million in affordable housing.
The Governor’s Supplemental Budget proposal includes $10 million to bolster the Affordable Homeownership Program, which will allow for an estimated 130 new homes in fb88.