Mayor seeks to borrow $7 million for affordable housing
PORTLAND, Maine (AP) — The mayor of Maine’s largest city says he plans to ask voters to approve borrowing $7 million to aid Portland’s affordable housing crisis.
The Portland Press Herald reports Mayor Ethan Strimling says he wants to invest the money into a housing trust fund, which subsidizes affordable housing built by private developers.
He says the city can use the bond to create 600 to nearly 850 affordable housing units.
City finance department records show annual payments on the bond would start at about $650,000 if it’s borrowed all at once.
Strimling says he believes the people of Portland will pass the bond “in a heartbeat.”
Strimling planned to present the proposal to City Council’s Finance Committee Thursday. The committee will hold a public hearing on it at a later date.
Information from: Portland Press Herald, http://www.pressherald.com