Ownership Transfer

Welcome to MaineHousing's Ownership Transfer Page

Background

Effective as of January 30, 2023 MaineHousing adopted a revised Transfers of Ownership Interests Rule (the “Rule”) that clearly sets forth the policies and procedures for approving changes in ownership of multifamily and supportive housing projects that are subject to MaineHousing financial and regulatory oversight. The changes to the Rule reinforce protections against the transfer of ownership interests in projects or the owners of projects that could undermine the public benefit of the projects and address the growing concerns about aggregators. 

Please see Section 1 of the Rule for Definitions of capitalized terms used herein. 

The Rule applies to changes of Ownership Interests in a Project, which includes multifamily and supportive housing projects that have funding or an allocation of tax credits from MaineHousing, or a commitment or reservation thereof, at the time of the proposed ownership change. 

A change in an Ownership Interest can include any of the following:

1. An outright transfer of a Project to a new owner, whether or not any payment is involved; or
2. The transfer of a direct or indirect ownership interest in a business entity that continues to own a project

Transfer means a change, whether voluntary or involuntary, of all or part of an Ownership Interest in a Project regardless of the type or nature of the change or the means used to accomplish it. Examples are set forth in the Rule.

MaineHousing Consent

General
MaineHousing’s consent is required for all Transfers of Ownership Interests. The process for obtaining MaineHousing’s consent will depend on the type of Transfer. For all Transfers, in determining whether to consent to a Transfer, MaineHousing will be guided by the Criteria for Consent to an Application for Transfer in Section 4 of the Rule to the extent applicable to the specific Transfer.

Simplified Consent
The process for obtaining MaineHousing consent is simplified for the following types of Transfers, provided no Additional Circumstances exist:

1. Transfer of the Ownership Interest of:
   1. A general partner of a limited partnership to its Affiliate;
   2. A limited partner of a limited partnership to its Affiliate;
   3. A manager or managing member of a limited liability company to its Affiliate;
   4. A non-managing member of a limited liability company to its Affiliate;
      
   
   
2. For a Tax Credit Investor Transfer, Transfer of the Ownership Interest of:
   1. A limited partner of a limited partnership to the Sponsor of the Project owned by the limited partnership or the Sponsor’s Affiliate;
   2. A non-managing member of a limited liability company to the Sponsor of the Project owned by the limited liability company or the Sponsor’s Affiliate; 
   
   
3. Transfer of an Ownership Interest in a Qualified Rural Development Preservation Project;
   
   
4. Transfer of less than a Controlling Interest in an Owner, with the exception of a Tax Credit Investor Transfer and a Transfer of the Ownership Interest of any partner, member, or manager of a limited partnership or limited liability company that owns a Tax Credit Project; or
   
   
5. Any other Transfers expressly allowed in writing by MaineHousing.
   

Application Forms & Submission

To request MaineHousing’s consent, applicants must use the Application indicated in the table below. A separate Application must be completed for each Project for which a Transfer is requested.

For Transfers that involve Additional Circumstances, MaineHousing reserves the right to request additional information to fully evaluate the Transfer request, including information from third parties.

If you have questions as you prepare your Application, please e-mail your questions to Ownership Transfers.

Uploading and submitting your Application and any supporting documents is simple.  Just click on the following secure link:  Upload and submit your Application 

• Begin each file name with the assigned MaineHousing project number.  (A separate Application is required for each Project.)
• Supporting documents should reference the Application item numbers to which they relate.

Application and Processing Fees

MaineHousing requires an Application fee for each Application.  A separate Application must be completed for each Transfer, unless otherwise permitted by MaineHousing, and a separate fee will apply to each Application.  PLEASE NOTE:  Your Application is not considered complete until the Application fee is received by MaineHousing.

For Transfers using Part I or Parts I and II of the Application:  If MaineHousing consents to the Transfer, a processing fee will be due at closing.  Depending on the type of Transfer, the processing fee will vary. See below table for more details.

The fee schedule is as follows:

Application Fees

Processing Fees

**Depending on the complexity of the Transfer, MaineHousing reserves the right to assess additional Processing Fees. 

Your Application fee may be paid by check, ACH Debit or Wire Transfer. Checks must be made payable to Maine State Housing Authority and mailed to the following address:

Maine State Housing Authority
ATTN: Ownership Transfer
26 Edison Drive
Augusta, Maine 04330

For payment by ACH Debit or Wire Transfer please contact Ownership Transfers for banking information.

For all types of payment, please include the Project name and number for reference. 

Timing of MaineHousing Consent

MaineHousing strives to complete its review of each Application in a timely way to allow the Owner to meet its business objectives in accomplishing the intended Transfer.  From the date we receive a properly completed and signed Application and Application fee, MaineHousing will make every effort to work with the Owner to meet those objectives. 

Regulatory Agency Consent

MaineHousing’s Nondiscrimination Policy

MaineHousing does not discriminate on the basis of race, color, religion, sex, sexual orientation, gender identity or expression, national origin, ancestry, physical or mental disability, age, familial status or receipt of public assistance in the admission or access to or treatment in its programs and activities. In employment, MaineHousing does not discriminate on the basis of race, color, religion, sex, sexual orientation, gender identity or expression, national origin, ancestry, age, physical or mental disability or genetic information. MaineHousing will provide appropriate communication auxiliary aids and services upon sufficient notice. MaineHousing will also provide this document in alternative formats upon sufficient notice. MaineHousing has designated the following person responsible for coordinating compliance with applicable federal and state nondiscrimination requirements and addressing grievances: Lauren Bustard, Maine State Housing Authority, 26 Edison Drive, Augusta, Maine 04330-6046, Telephone Number 1-800-452-4668 (voice in state only), (207) 626-4600 (voice) or Maine Relay 711.