The outlook is good for the continuation of affordable housing development, with MaineHousing finishing up a successful year, and 2025 expected to follow suit.
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The outlook is good for the continuation of affordable housing development.
“We are as busy as we ever have been,” says Daniel Brennan, director of MaineHousing. “We had another incredibly successful year, and I know we’ll have another one next year.”
Over the past year, developers completed 26 projects with over 800 units — 650 new and 180 rehabs. To be completed in 2025 are 28 projects. Another 32 projects are in the pipeline for financing consideration or have started construction. “And we know more applications are coming our way,” he said.
In all, that’s over 3,500 units across 100 projects. “That’s a massive pipeline,” he says.
Brennan predicts both state and federal funding for affordable housing will continue. “A primary driver for the housing that we’re doing is the low-income housing tax credit program,” he says. “I’ve heard nothing of concern about that program. We’ve found that affordable housing is a bipartisan issue.”
At the state level, “We’ve got an incredibly robust leadership coming into the state legislature and two more years of Gov. [Janet] Mills,” he says. “So, I’m super-positive about the support we’ll have. We know the budget will be tougher. But we have a lot of support for affordable housing from those within our state government and we’re really looking forward to this next session of the legislature.”
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