Poliquin: Cost of MaineHousing units to drop by $47,000

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This story, titled, “MaineHousing changes standards, lowers cost of low-income projects,” was published November 29 in the Sun Journal.

By Scott Thistle

SJ State Politics Editor

AUGUSTA — Recent changes to building standards and the way low-income housing projects are ranked by the Maine State Housing Authority for federal tax credits appear to be driving down development costs, state Treasurer Bruce Poliquin said.

Poliquin, who sits on MaineHousing’s board of commissioners, said the changes mean the price for low-income housing will drop by a whopping $47,000 per unit, from $197,000 to $150,000.

Prior MaineHousing standards placed a heavy emphasis on adding green energy and energy conservation, but those standards included social programing, such as requiring subcontractors on any publicly funded project to have health insurance.

Poliquin, MaineHousing board Chairman Peter Anastos and a spokeswoman for the agency said Thursday the changes were the result of a yearlong effort to refine the standards and a ranking method that’s used to award about $2.9 million of federal tax credits each year.

Those tax credits help leverage about $25 million in private investment each year that goes toward creating housing for low- and moderate-income individuals and families.

“We met the past year with developers and had them tell us how to lower the cost per unit so we can get more families in these apartments,” Poliquin said. “This is our first run at it and in one year, a 25 percent reduction, a $47,000 savings in one year.”

Read entire article here.

1 COMMENT

  1. Thank you, Bruce Poliquin and Governor LePage. The new board has done a great service to the poor families in Maine who have been waiting and waiting for low-income housing, while money was squandered on social projects that did not get the people who needed help into housing. This change is due to the leadership we have had from our Treasurer and Governor. Sadly, we will be losing the State Treasurer. GREAT JOB, BRUCE! You did more in one term than was done in years!

  2. I’m assuming that the Democrats will resume the bi-partisan tradition of choosing some deserving party hack whose duties as State Treasurer will consist of drawing breath and drawing his pay.

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