ME LD1041

Requires owners of low-income rental housing (5+ units with affordability restrictions or government financial assistance) to provide at least 90 days notice before selling or taking actions that would terminate affordability restrictions, notifying tenants, tenant organizations, and housing authorities.

Grants the Maine State Housing Authority and municipal housing authorities an option to purchase low-income rental properties at appraised value within 90 days of receiving notice, with an additional 90 days after appraisal to complete the purchase.

Creates new mandatory notification requirements for expiration of affordability restrictions, requiring owners to mail notices at least 2 years before scheduled termination (or by November 30, 2025 for restrictions expiring sooner).

Requires that current tenants be allowed to remain in units for 6 months after a sale or transfer that terminates financial assistance, at the same rent, or be relocated to comparable units.

Allows housing authorities to assign their purchase option to nonprofit corporations, with conditions requiring the assignee to maintain income eligibility and rental restrictions for a duration determined by the authority.