AUGUSTA — Maine lawmakers have extended a historic preservation tax credit to try to rehabilitate properties in downtown areas.
The Maine Senate voted in late April to extend the sunset date for the Maine Historic Rehabilitation Tax Credit from 2025 to 2030. Supporters of the proposal said it would help with affordable housing as well as preservation of historic downtowns.
The tax credit program provides incentives so businesses, property owners and developers can rehab and reuse historic buildings in the state that produce income. Supporters said it’s designed to encourage redevelopment of housing that is located within walking distance of downtowns. That cuts down the need for new building and dependence on cars.
Bill sponsor Sen. Nate Libby, a Lewiston Democrat, said the proposal is one step to address an “affordable housing crisis that has only gotten worse over the last few years.”
Greg Paxton, executive director of Maine Preservation, said the tax credit program boosts communities that “feel pride in the repurposing for current uses of the historic buildings constructed so well by our predecessors.”
Send questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.