Affordable Homeownership Program

ELIGIBILITY

Proposals must meet the following criteria to be eligible for Affordable Homeownership Program financing:

• A minimum of five (5) single-family homes in a subdivision must be designated as Affordable Homeownership Units, unless previously approved by MaineHousing. An Affordable Homeownership Unit is a developable lot with a new (never previously occupied), owner-occupied single-family home that meets the criteria outlined in the program guide.
• The minimum forgivable loan amount is $300,000 and the maximum forgivable loan amount is $1,400,000 per affordable single-family housing development. The maximum forgivable loan amount per Affordable Homeownership Unit is $70,000 in Cumberland, Sagadahoc or York counties, and $60,000 in the remaining 13 counties of the State.
• Developers participating in the Subdivision Program will not be allowed to access additional subsidy from MaineHousing, however homebuyers may receive subsidy for down payment and closing costs.

Eligible expenses for forgivable loans under the Affordable Homeownership Program include:

• Reimbursement of land acquisition costs;
• Site development soft costs, including construction loan interest;
• On-site infrastructure costs such as installation of roads, water, electrical, sewer, storm drainage, retaining walls, retention ponds, sidewalks, and landscaping;
• Construction costs.

Overhead, staffing, and other general operating costs are not eligible expenses under the Affordable Homeownership Program.