Laura Johnson is senior vice president, director of mortgage and consumer lending at Bangor Savings Bank.

Maine’s housing shortage has reshaped how communities grow. Access to housing plays a
central role in workforce stability, economic vitality and quality of life.

The need is clear. Maine is projected to require 80,000 to 84,000 additional homes by 2030. Affordability continues to put homeownership out of reach for many families — nearly two-thirds of households cannot afford the median-priced home, now around $400,000 statewide.

Fortunately, solutions are already in motion to expand access. In April, Maine took an important step by extending the state’s Affordable Housing Tax Credit, which has helped finance and preserve hundreds of homes. Programs like this matter because they create and preserve affordable rental housing — often the first step for individuals and families working toward stability and, ultimately, homeownership.

Meeting Maine’s housing needs will require increased production and a strong commitment from public, private and community partners working together. Initiatives like Build Homes Build Community, a nonpartisan coalition of industry leaders, highlight this approach by elevating solutions already making a difference.

At the core of these efforts is collaboration among:
● Public programs that provide consistent, long-term investment.
● Nonprofits and mission-driven developers with deep community commitments.
● Financial institutions that structure flexible, multi-source financing.
● Local leaders who move projects from concept to completion.

Partners like Bangor Savings Bank play an important role in this ecosystem. As a community-focused mutual bank founded over 174 years ago, it has long helped individuals and families save for homes while partnering with communities to support housing stability.

One example is the Cedar Falls Manufactured Home Community in Bangor. Manufactured housing remains one of the largest sources of naturally occurring affordable housing, making preservation as important as new construction.

At Cedar Falls, residents led a purchase effort that brought together MaineHousing, the city of Bangor, community organizations and financing partners. The result preserved affordability for more than 160 households, providing long-term stability and protecting residents from displacement.

Projects like Cedar Falls show what’s possible when public resources, community leadership and private financing align. They also highlight that expanding housing is not only about building new units, but preserving existing homes to create stability today while building for tomorrow. We need more partnerships like this that say “yes” to housing in Maine.

Existing homeowners can also contribute. Accessory dwelling units (ADUs), such as in-law apartments or backyard cottages, offer a practical way to expand supply. ADUs provide flexibility— generating income, supporting multigenerational living and helping homeowners remain in their communities — while creating growth opportunities in built-out areas that use existing infrastructure.

Despite progress, permitting delays, inconsistent zoning and financing complexity continue to stall projects. Maine is working to modernize zoning laws and expand ADU opportunities, but progress will depend on clear permitting pathways, accessible planning support and financing options that work alongside existing mortgages. Ensuring these tools translate into real projects is key. Now is the time to make these pathways easier for homeowners to navigate.

Financial institutions can help by structuring flexible financing that makes complex housing projects viable. Programs like the Midcoast Council of Governments’ ADU Boost grant show how targeted incentives and trusted partnerships can help homeowners move projects forward.

Housing is foundational infrastructure for Maine’s future. To help close the housing gap, Bangor Savings Bank is well positioned with access to lending programs, tools and resources that support affordable housing and first-time homebuyers across the state.

When communities invest in housing, they support economic growth, strengthen the workforce and create lasting stability. Maine has made meaningful progress. This is the moment to build on that momentum together.