ME LD1486

Establishes the First-generation Homeowner Down Payment Assistance Program within the Maine State Housing Authority to provide down payment loans to first-time homebuyers whose parents also never owned a home or lost a home to foreclosure

Limits loan amounts to 10% of the home purchase price for borrowers with household income at or below 100% of area median income who are preapproved for a first mortgage

Loans are forgivable at a rate of 20% per year, meaning full forgiveness after 5 years of homeownership

Administrative costs capped at $3,200 per loan

Appropriates $10,000,000 per year in ongoing General Fund money for fiscal years 2025-26 and 2026-27 to fund the program as a nonlapsing, revolving fund