In a continuing pattern of forecast-exceeding economic activity that has seen years of strong revenues in the state, Maine’s state government finished fiscal year 2023 with a $141 million surplus, the Portland Press Herald reports. The surplus filled the state’s budget stabilization account, or "rainy day fund," with a record high $968.3 million, Gov. Janet Mills said in a statement.
Mills, a Democrat, said an additional $65 million will be used for Maine Housing programs, with $35 million used to build affordable housing in rural areas through the Rural Affordable Housing Program and $30 million for incentives for the state's Low Income Housing Tax Credit Program.
That funding will bolster what the administration has described as “historic housing investments” in the current two-year budget, including new state funding for a housing first program, which provides stable housing to people who are chronically homeless so they can address other challenges, such as addiction or mental health issues.
Advertisement
Related Stories
Housing Policy + Finance
Even With Inflation Running Hot and Elevated Mortgage Rates, Buyer Demand Rises
Mortgage rates will likely stay high for the next few months, but that doesn't seem to be deterring homebuyers
Housing Policy + Finance
The Garden State Takes a New Approach to Expanding Affordable Housing
Recent legislation in New Jersey could provide inspiration for eliminating affordable housing hurdles in other places with strong housing markets
Housing Policy + Finance
Housing As Health Care: The Debate Continues
As more states channel Medicaid money into housing, the debate around whether states should use public health insurance money to provide housing is intensifying
