AUGUSTA – The Housing and Economic Development Committee voted to advance legislation sponsored by Rep. Wayne Farrin, D-Jefferson, that would help more Mainers afford to buy homes by reducing mortgage costs.
As amended, LD 2077 would direct the Maine State Housing Authority to provide grants of up to $15,000 to eligible Maine homebuyers to help them lower their mortgage rate. In practical terms, lowering the interest rate from 6% to 5% on a $300,000 mortgage would save a family nearly $200 a month – which amounts to almost $70,000 over the life of a 30-year loan.
“Too many hardworking Maine families are being priced out of homeownership,” said Farrin, a licensed real estate agent. “This legislation offers a real, meaningful solution that will help more families afford to buy a home and still be able to pay for other essentials like child care and utility bills. When three-quarters of Lincoln County households can’t afford a median-priced home, we have to act. This bill is about keeping Maine affordable for the people who live and work here.”
In 2020, 39% of Maine households couldn’t afford the median-priced home. By 2024, that number jumped to 64%. In Lincoln County, the numbers are even more stark: 74% of households are unable to afford the median-priced home.
“I appreciate the work the committee did on this bill and their support to move it forward,” said Farrin. “I look forward to working with my colleagues in the State House to get this bill over the finish line.”
The bill faces votes in the House and Senate in the coming weeks. As of Thursday, not all committee members had recorded their votes.
Farrin is serving his first term in the Maine House and represents Jefferson, Alna, Whitefield and Wiscasset. He serves as a member of the State and Local Government Committee and the Marine Resources Committee.
Contact:
Brian Lee (Farrin) | 305-965-2744