This Act would authorize the State to issue general obligation bonds in an amount not to exceed fifteen million dollars ($15,000,000) to provide funds for the construction and repair of affordable, energy-efficient housing for low-income seniors. The bonds would run for a period not longer than 10 years from the date of the original issue of the bonds and would be backed by the full faith and credit of the State.

Proceeds from the sale of these bonds would be administered by the Maine State Housing Authority as follows:

Fourteen million five hundred thousand dollars ($14,500,000) would be used to support construction of new energy-efficient homes and the conversion of existing buildings that are not currently used for housing into multi-family residential housing for low-income households headed by a person who is 55 years of age or older. The funds would be allocated to project developers on a competitive basis, and are expected to leverage investment of approximately twenty-two million six hundred thousand dollars ($22,600,000) in private funds or other government funds. In allocating the bond proceeds, the Maine State Housing Authority must give preference to projects in locations with access to health care services and other essential goods and services. In addition, at least four projects must be located in counties with populations of less than 100,000 residents. These are: Aroostook, Oxford, Hancock, Somerset, Knox, Waldo, Sagadahoc, Lincoln, Washington, Franklin and Piscataquis Counties.

Five hundred thousand dollars ($500,000) would be used to help fund weatherization and repairs to existing homes owned by low-income senior citizens with the goal of enabling them to stay in their homes.

The proceeds of the bond, if approved, are expected to support the development of more than 200 housing units and the weatherization or repair of approximately 100 units.

If approved, the authorization of these bonds would take effect 30 days after the Governor’s proclamation of the vote.

A "YES" vote approves the issuance of up to fifteen million dollars ($15,000,000) in general
obligation bonds to finance the activities described above.

A "NO" vote disapproves the bond issue in its entirety.