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Renters in Maine are barely treading water. Most just can’t afford to buy a home in today’s skyrocketing real estate market. Homeownership is the key steppingstone to financial literacy and participation in the wealth of our nation.
Today’s housing prices have made down payments and monthly payments unaffordable for most aspiring homeowners. And many others can’t buy a home in the communities where they work and serve.
Rick Bennett, independent candidate for governor, has just announced a broad scale housing-affordability program that I consider innovative and resource-efficient. Down payments would be reduced by providing state-backed downpayment guarantees to lenders versus costly private mortgage insurance. Mortgage payments would be supported by homeowner payments exchanged for a share in their home’s appreciation — a unique and first-of-its-kind solution.
Housing supply would be increased by supporting factory-built housing, repairing existing homes, building the home-builder work force, expanding energy efficiency programs and rehabilitating multi-family housing for first-time buyers. And to build homes faster and smarter, Rick would coordinate at the state and local level to streamline the building approval process.
I think these initiatives are bold, impactful and will make the most of our taxpayer dollars. Like Rick, they rise above the partisan politics that all too often keep us from moving forward.
Housing is a critical first step to keeping Maine the way life should be!
Hal Minot
Brunswick
