Rental Loan Program
Program Summary
The Rental Loan Program (RLP) provides low interest rate, long-term mortgage financing to qualified private and nonprofit developers of affordable rental housing. The RLP may be used for acquisition, acquisition and rehab, or new construction of apartment buildings of five or more units. Developers must reserve a portion of the units for lower income renters.
RLP financing can be combined with the subsidy available from the federal Low Income Housing Tax Credit.
**Due to overwhelming interest, the 4% Tax Credit Walk-in Funding Program is closed to new applications until additional funding sources can be obtained.**
ELIGIBILITY
Qualified developers may apply. Applicants must:
MaineHousing generally selects for RLP funding those developments that will provide the greatest amount of long term, low-income housing at the least cost of taxpayer subsidy dollars.
- Demonstrate previous successful experience in the development of similar projects.
- Have a satisfactory credit history and demonstrate adequate financial capacity to own and operate the housing.
- Have control of the development site.
- Demonstrate they will provide the required number of lower income units.
MaineHousing generally selects for RLP funding those developments that will provide the greatest amount of long term, low-income housing at the least cost of taxpayer subsidy dollars.
MORE INFO
Contact Information
Developers without prior experience with MaineHousing must meet with MaineHousing staff to discuss the program project specifics.
To apply for RLP and for more information on program eligibility, download the RLP Program Guide and Application and complete the associated application form. Developers must submit a complete application, including an environmental assessment questionnaire and application fee.
For more information, see the related documents or contact:
To apply for RLP and for more information on program eligibility, download the RLP Program Guide and Application and complete the associated application form. Developers must submit a complete application, including an environmental assessment questionnaire and application fee.
For more information, see the related documents or contact:
Bill Glover, LIHTC Programs Manager
Documents & Links
- 2023-2024 Multifamily Housing Pre-Application
- 2020 4% Tax Credit Walk-In Funding Program
- 2019 Rural Housing for Older Adults RFP
- 2019 Bond Walk-in Older Adults Application
- Rental Loan Program Guide (October 2017)
- 2016 Tax-exempt Financing Program for the Creation of New Senior Housing
- Section 3 Policies & Procedures
- Rent & Income Charts
- NCHAMA Model Content Standards-Rental Housing
- Insurance Requirements
- Choice-Limiting Actions Exhibit
- Construction Services
- Older Program Guides
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