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

LD 1486 establishes the First-Generation Homeowner Down Payment Assistance Program, administered by the Maine State Housing Authority. It provides forgivable loans covering up to 10% of a home's purchase price to first-generation homeowners (defined as those whose parents/guardians never owned a home) with household incomes at or below 100% of the local median income. Loans are forgiven at 20% per year over five years, with administrative costs capped at $3,200 per loan. The program is funded by an annual $10 million appropriation from the General Fund to support eligible homebuyers.