Rockland, Maine has become the first municipality in the state to approve a bond specifically for affordable housing development. Voters passed a measure on June 10 allowing the city to borrow up to $10 million to support affordable and workforce housing initiatives. The goal is to add 50 housing units annually for the next decade to address the region’s housing crisis.
The bond, designed to be revenue-neutral, may fund infrastructure, land acquisition, and low-interest loans, with repayment and property tax revenue expected to offset costs. Priority will be given to creating housing for the “missing middle”—those who earn too much for low-income programs but cannot afford market rates. Use of the funds and eligibility criteria will be overseen by the city’s Housing Task Force, with City Council approval. Implementation is expected to begin in the fall.
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