132nd MAINE LEGISLATURE
		LD 2077		LR 2884(02)
	An Act to Reduce the Cost of Purchasing a Home by Providing Grants to Reduce Mortgage Rates
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Housing and Economic Development
	Fiscal Note Required: Yes
Fiscal Note
			FY 2025-26	FY 2026-27	Projections  FY 2027-28	Projections  FY 2028-29
Net Cost (Savings)
	General Fund		$0	$20,250,000	$20,250,000	$20,250,000
Appropriations/Allocations
	General Fund		$0	$20,250,000	$20,250,000	$20,250,000
Fiscal Detail and Notes
	The bill includes ongoing General Fund appropriations to the Maine State Housing Authority (MSHA) totaling $20,250,000 starting in FY 2026-27 to provide grant funding to qualified home buyers as required by this bill. In 2026, MSHA is projected to purchase 1,350 mortgages, each of which would qualify for the grant as provided in the bill, which does not impose any additional restrictions or limitations on who may qualify for the grant. This fiscal note assumes that the number of mortgages qualifying for the grant program will not change in subsequent years. Additional costs to administer the grant program can be absorbed by MSHA within existing resources.