Maine State Housing Authority
10/02/2024 | News release | Distributed by Public on 10/02/2024 10:05
MaineHousing Earns Top Honors From National Council Of State Housing Agencies
PHOENIX - MaineHousing earned top accolades for programs aimed at increasing homeownership and encouraging new affordable rental housing in Maine during an annual gathering of the National Council of State Housing Agencies (NCSHA).
The NCSHA's Awards for Program Excellence honor state housing finance agencies annually for outstanding public-purpose programs and practices.
"The mission of this prestigious program is to recognize exemplary housing finance agency (HFAs) efforts, encourage innovation, identify industry best practices, and facilitate information sharing among HFAs," according to the NCSHA.
MaineHousing's Rural Affordable Rental Housing Program and First Generation Homeownership Program were both selected for recognition from a competitive field that included dozens of HFA programs entered by other agencies from across the country.
"We are humbled and proud to be so publicly honored for our work," MaineHousing Director Dan Brennan said. "Recognition for these two successful programs that are among the many that MaineHousing staff administer on behalf of the people of Maine is greatly appreciated, even while we know there is much work yet to do and have no intention of resting on any laurels."
Brennan was also re-elected to another 2-year term on the NCSHA Board of Directors and noted the national organization was an important advocate for good federal housing policy, a clearinghouse for innovative best practices, a source of inspiration and a powerful ally in the work of bringing quality affordable housing to more people and families.
"This annual gathering of affordable housing experts from around the country is an exchange of proven good ideas and solutions from our colleagues and peers from all over America, including all 50 U.S. states and our U.S. territories," Brennan said.
Brennan also gave credit to the strong support shown by Maine Gov. Janet Mills and a bipartisan coalition of state lawmakers in Augusta, and Maine's Congressional delegation who provided the resources needed for these programs.
"None of the success we celebrate today would be possible without these leaders and their steadfast support for affordable housing," Brennan added.
The Rural Affordable Rental Housing Program (RARH), which as been funded by the Maine Legislature over the last two state budget cycles, has helped create new affordable rental homes in parts of Maine that would not be readily able to compete for the federal Low-Income Housing Tax Credits (LIHTC) that help finance affordable housing in more densely populated parts of Maine.
To date, RARH has helped launch 13 developments and more than 225 affordable rental homes that will be made available to working families and older Mainers earning up to 80 percent of local area median income. When combined with private, municipal and other non-profit funding, these new homes also represent more than $64 million of investment in rural Maine.
MaineHousing's First Generation (First Gen) Homeownership Program has helped nearly 200 first-time homebuyers purchase their first home. First launched in 2023, the program; is available to people earning up to 120 percent of local area median income and provides qualified buyers with up to a $10,000 grant for a downpayment or closing costs assistance.
The First Generation program, which also provides buyers with MaineHousing's lowest available mortgage interest rate, is available to individuals who never lived in a home owned by their parents or guardians or for those who spent any portion of their childhood in foster care.
The program is tailored to provide the opportunity for affordable homeownership and wealth building to those who, for any reason, have been historically excluded from the familial benefit of homeownership.
Since one of the largest barriers to purchasing a home is accumulating the significant funds needed for down payment and closing costs, the First Gen grant of up to $10,000 can be a game changer. In some instances, it has made the life-changing investment of a mortgage on an owned-home as financially manageable as renting.
About MaineHousing:MaineHousing is a mission-driven, independent, quasi-state agency created in 1969 by the Maine State Legislature to address the problems of unsafe, unsuitable, overcrowded, and unaffordable housing. A $2.5 billion financial institution with a staff of over 190 people, MaineHousing is governed by a 10-member Board of Commissioners appointed by the Governor. Each year MaineHousing assists more than 90,000 Maine households to buy, heat, rent, and repair their homes while also investing more than $750 million in the Maine economy.