# Maine

### Summary

Maine state is facing challenges to housing affordability. For every 100 low-income renter households, there are 68 units available that are affordable to them. The median household income in the state is $36,249 whereas the median rent in the state is $810. Currently, the state is short over 12,314 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.

- **26.6%** share of renter households
- **41.2%** share of low-income households
- **41.8%** share of rent-burdened households

### Renter population data

#### Renters vs homeowners
| Households           | % share   |
|----------------------|-----------|
| Renter households     | 152,040   | 26.6%     |
| Homeowner households   | 419,024   | 73.4%     |
| Total households       | 571,064   | 100.0%    |

#### Low-income renter households
| Households           | % share   |
|----------------------|-----------|
| Extremely low-income ≤30% AMI           | 19,070  | 12.5%     |
| Very low-income 31-50% AMI             | 19,889  | 13.1%     |
| Low-income 51-80% AMI                  | 23,647  | 15.6%     |
| All low-income households <80% AMI      | 62,606  | 41.2%     |

### Rent-burdened households

| Households                           | % share   |
|--------------------------------------|-----------|
| Moderately rent-burdened             | 35,675    | 23.5%     |
| 30.0–34.9%                           | 14,589    | 9.6%      |
| 35.0–39.9%                           | 9,921     | 6.5%      |
| 40.0-49.9%                           | 11,165    | 7.3%      |
| Severely rent-burdened               | 27,889    | 18.3%     |
| All rent-burdened households         | 63,564    | 41.8%     |

### Affordable housing shortage

#### Rent vs median household income
| Year  | Median household income | Median rent |
|-------|-------------------------|-------------|
| 2010  | $25,371                 | $610        |
| 2021  | $36,249                 | $810        |
| Increase (2010–2021)  | 42.9%                  | 32.8%       |

#### Affordable housing stock
| Supply             | Demand                | Shortage   |
|--------------------|----------------------|------------|
| 26,645 units       | 38,959 units         | 12,314     |

### Finance institutions
#### Maine Housing
MaineHousing  
26 Edison Dr  
Augusta, ME 04330-4633

LIST OF loan programs
- [Low Income Housing Tax Credit Program](https://www.mainehousing.org/programs-services/housing-development/developmentdetails/low-income-housing-tax-credit-program)
- [Rental Loan Program](https://www.mainehousing.org/programs-services/housing-development/developmentdetails/rental-loan-program)
- [Pre-Development Loan Program](https://www.mainehousing.org/programs-services/housing-development/developmentdetails/pre-development-loan-program)
- [Supportive Housing Program](https://www.mainehousing.org/programs-services/housing-development/developmentdetails/supportive-housing-program)
- [Short Term Real Estate Acquisition Program](https://www.mainehousing.org/programs-services/housing-development/developmentdetails/short-term-real-estate-acquisition-program)

### QAP document (Qualified Allocation Plan)

The QAP is a document that states, and a few local agencies, must develop in order to distribute federal Low Income Housing Tax Credits (LIHTCs), which can be awarded only to a building that fits the QAP’s priorities and criteria. Each QAP must spell out a housing finance agency’s (HFA’s) priorities and specify the criteria it will use to select projects competing for tax credits. The priorities must be appropriate to local conditions.

### Housing news  
- **How Fed Rate Cuts Impact the Housing Market**  
  The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate. Key takeaways include lower mortgage rates potentially easing the burden for homebuyers, but persistent supply issues remain.

- **Housing market won’t come ‘unstuck’ until 2026**  
  Predictions indicate home affordability might only improve with a recession.

- **States With the Largest Homeless Populations**  
  The number of homeless individuals in the U.S. reached approximately 653,000 in 2023.

- **The homebuying affordability gap is widening**  
  The national affordability gap is nearing a 10-year high.

- **Homelessness appears to be worsening among workers**  
  A rise in homelessness among employed individuals is noted, highlighting the ongoing affordability crisis.

- **HUD, VA announce $14.5M for veterans seeking permanent housing**  
  Funding allocated to address veteran homelessness.

- **Black Homeownership is Set to Soar**  
  An increase in Black homeownership is anticipated due to demographic shifts.

- **Housing is now unaffordable for a record half of all U.S. renters**  
  Rising rents and reduced working hours have significantly impacted renters.

- **Distress in CRE loans on nonowner-occupied properties rises at US banks**  
  Trends indicate a shift in delinquency ratios in commercial real estate loans.

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### Shortage statistics for ELI & VLI renters

List of counties  
Rental population  
ELI & VLI (<50% AMI)  
Rent-burdened  
Affordable housing  
---  
HousingCount  
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