Maine Housing briefs committee on pipeline: 899 units awarded in 2025; roughly 1,100 expected online in 2026

Maine Housing officials briefed the Legislative Committee on Housing and Economic Development on the agency’s multifamily pipeline and financing operations, saying 899 units were awarded funding in 2025 and that roughly 1,100 new homes are expected to be completed and available in 2026.

“Those 899 units went into the pipeline at Maine Housing,” Adam Cray, Maine Housing’s senior director of finance and lending, told the committee, explaining the list of 2025 awards and how the projects move through underwriting and construction. Cray estimated the construction tied to those awards at “probably $240 to $250 million” and described the mix of funding sources — federal low‑income housing tax credits, debt and state subsidy.

The briefing covered program mechanics and what Cray described as three common capital sources for each project: tax‑credit equity, debt supported by rents, and state or other soft money to fill the remaining gap. Cray said a 9% federal low‑income housing tax credit typically supplies about 60% of project equity, while a 4% credit yields roughly 30% and therefore requires more subsidy.

Committee members pressed Maine Housing staff on distribution and geography. Cray said the agency does not award points favoring family versus elderly units; the 2025 awards simply produced a larger share of elderly‑serving projects this round. He also described why extremely rural projects are harder to finance under federal LIHTC programs — private investors often want larger, scalable projects — and pointed to the state’s rural program as a non‑federal alternative that has broadened participation.

Maine Housing also outlined operational changes intended to speed projects: earlier assignment of loan officers and construction analysts and issuing an early ‘notice of award’ so developers have assigned staff and a formal go‑ahead before the project proceeds to underwriting. Cray said those changes were implemented in late 2024 and reduced delays developers reported after awards.

The committee asked about technical assistance and local soft‑money. Cray said Maine Housing contracts the Genesis Fund to provide no‑cost technical assistance to new applicants — an approach that helped more than half of successful rural applicants work with the agency for the first time. He added that municipalities often contribute land, ARPA funds or targeted TIFs to improve project feasibility.

Committee Chair Tracy Geer and other members requested follow‑up materials on project‑level funding breakdowns and the agency agreed to provide more detailed program percentages once underwriting is complete. The briefing closed with Maine Housing offering to meet locally with legislators and developers who want more detail.

What’s next: Maine Housing will provide requested follow‑ups on per‑project financing and program breakdowns. The committee did not take formal action on the briefing.