WeVote
Log In

Bill

Bill

LD 1486

An Act To Provide Financing Assistance For Down Payments For First-Generation Homeowners

132nd Legislature (2025-2026) Introduced by Rick Bennett and 7 co-sponsors

Establishes a loan-based down payment program for first-generation homebuyers, administered by MSHA and funded at $10,000,000 per year from the General Fund (FY25–29).

Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)
#assistance #downpaymentassistance #housing
0
WeVote Research Nonpartisan
Bill Summary · LD 1486

Summary of LD 1486 — An Act To Provide Financing Assistance For Down Payments For First-generation Homeowners

Overview

LD 1486 proposes a program to assist first-generation homebuyers with down payments by providing financing in the form of a loan. The program would be administered by the Maine State Housing Authority (MSHA) and funded with ongoing General Fund appropriations. The bill status is DEAD for this session, having been placed in legislative files pursuant to Joint Rule 310.3.

Purpose and Intent

  • Create a dedicated program to help first-generation homeowners overcome down payment barriers.
  • Provide down payment assistance in the form of a loan rather than a grant.
  • Streamline administration through the Maine State Housing Authority.

Key Provisions

  • Establishment of the First-generation Homeowner Down Payment Assistance Program within MSHA.
  • Down payment assistance provided as a loan to eligible first-generation homeowners.
  • Ongoing funding to support the program: General Fund appropriations of $10,000,000 per fiscal year.
  • Program design, administration, and implementation to be handled by MSHA (details on loan terms, eligibility criteria, cap amounts, repayment, interest, forgiveness, and default handling are not specified in the fiscal note).

Funding and Fiscal Impact

  • General Fund appropriations: $10,000,000 annually starting in FY 2025-26 and continuing through at least FY 2028-29 (as reflected in the four-year fiscal projection).
  • Fiscal note indicates the $10 million per year is the net cost/savings and is appropriated/allocated to MSHA to establish and administer the program.
  • No information provided on specific loan terms, maximum loan amounts, interest rates, repayment period, or recipient criteria beyond “first-generation homeowners.”

Who Would Be Affected

  • Primary beneficiaries: First-generation homebuyers seeking assistance with a down payment.
  • Administrative/operational impact: Maine State Housing Authority would administer the program and manage funding.
  • General Fund: Ongoing annual appropriation would impact state budgeting.

Legislative History and Status

  • Introduced: April 3, 2025.
  • Committee: Housing and Economic Development.
  • Actions:
    • April 3, 2025: Referred to Committee.
    • April 8, 2025: Referred in concurrence to the committee.
    • April 25, 2025: Work session held; Voted ONTP (Ought Not To Pass).
    • April 29, 2025: Reported Out ONTP.
    • April 30, 2025: Pursuant to Joint Rule 310.3, placed in Legislative Files (DEAD).
  • Fiscal Note Approved: April 9, 2025 (indicating $10M/year ongoing General Fund cost beginning FY 2025-26).

Implementation Timeline (if enacted)

  • Start: FY 2025-26, with $10 million General Fund support annually.
  • Ongoing: Through at least FY 2028-29 per the four-year fiscal projection.
  • Note: As the bill is currently dead, there will be no enacted program unless revived in future sessions.

This summary captures the bill’s stated purpose, anticipated program design, funding level, affected parties, and the legislative path, along with the status as of the latest actions.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.