Sen. Libby bill to support affordable housing, preservation of historic downtowns enacted in unanimous vote
AUGUSTA — On Monday, the Maine Senate voted to enact a bill from Sen. Nate Libby, D-Lewiston, to support affordable housing and preserve historic buildings in Maine through the extension of a tax credit program. LD 201, “An Act To Reduce Greenhouse Gas Emissions and Promote Weatherization in the Buildings Sector by Extending the Sunset Date for the Historic Property Rehabilitation Tax Credit,” received unanimous support in the Senate.
“Maine is facing an affordable housing crisis that has only gotten worse over the last few years. Families are struggling to find homes. People moving to Maine for job opportunities are struggling to find a place to live, even once they’ve been hired. It’s a major problem for our economy and our way of life. This bill is just one step to help address the problem,” said Sen. Libby. “The fact that LD 201 has received such strong support throughout the legislative process is proof of how much it’s needed. I’m grateful to my colleagues for voting in support of this bill, and I’m eager to see this bill signed into law.”
As amended, LD 201 would extend the sunset date for the Maine Historic Rehabilitation Tax Credit (MHRTC) from 2025 to 2030. The MHRTC incentivizes business and real estate owners as well as property developers to rehabilitate and reuse income-producing historic buildings in Maine. The credit encourages investment in downtown areas to spur revitalization, and to create affordable housing. The MHRTC helps encourage redevelopment of housing located within walking distance of downtown stores and services, which reduces the need for new construction and the dependence on motorized transportation.
“The historic rehabilitation tax credit demonstrates that historic preservation is a critical strategy for community revitalization,” said Greg Paxton, executive director of Maine Preservation. “Among many other projects, these credits have been used to rehab 15 vacant or underused mill buildings and 23 abandoned schools across the state, and strengthened instead of dragging down the intown areas around them. And these projects are loved by citizens of our communities, who feel pride in the repurposing for current uses of the historic buildings constructed so well by our predecessors.”
Since the program was adopted in 2008, almost 1,300 affordable homes have been created or preserved, and almost 700 new full-time, year-round jobs have been generated by businesses occupying commercial spaces and in building maintenance. To date, the program has generated $3 million more in state and local tax revenues than it has cost in tax credits.
LD 201 now goes to the desk of Gov. Janet Mills, who has 10 days to either sign the bill, veto it or allow it to become law without her signature.
