ME LD2077

LD 2077 - Home Purchase Cost Reduction Act

• Maine State Housing Authority must administer a grant program providing up to $15,000 per home purchase to reduce mortgage rates for owner-occupied single-family residences
• Grant eligibility limited to buyers whose income does not exceed federal limits for qualified first-time home buyers under 26 U.S.C. Section 143
• Creates a new state income tax deduction for private mortgage insurance payments on a taxpayer's primary residence in Maine, effective for tax years beginning January 1, 2026 or later
• Referred to the Committee on Housing and Economic Development; introduced January 7, 2026