An Act To Amend the Law Regarding Affordable Housing Tax Increment Financing
Sec. 1. 30-A MRSA §5246, sub-§12, as enacted by PL 2003, c. 426, §1, is amended to read:
Sec. 2. 30-A MRSA §5247, sub-§3, ¶¶D and F, as enacted by PL 2003, c. 426, §1, are repealed.
Sec. 3. 30-A MRSA §5248, sub-§2, ¶G, as enacted by PL 2003, c. 426, §1, is amended to read:
Sec. 4. 30-A MRSA §5249, sub-§1, ¶A, as enacted by PL 2003, c. 426, §1, is amended to read:
(1) Capital costs, including, but not limited to:
(a) The acquisition of land or construction of public infrastructure improvements for affordable housing development;
(b) The demolition, alteration, remodeling, repair or reconstruction of existing buildings, structures and fixtures;
(c) Site preparation and finishing work; and
(d) All fees and expenses that are eligible to be included in the capital cost of such improvements, including, but not limited to, licensing and permitting expenses and planning, engineering, architectural, testing, legal and accounting expenses;
(2) Financing costs, including, but not limited to, closing costs, issuance costs and interest paid to holders of evidences of indebtedness issued to pay for project costs and any premium paid over the principal amount of that indebtedness because of the redemption of the obligations before maturity;
(3) Real property assembly costs;
(4) Professional service costs, including, but not limited to, licensing, architectural, planning, engineering and legal expenses;
(5) Administrative costs, including, but not limited to, reasonable charges for the time spent by municipal employees in connection with the implementation of an affordable housing development program;
(6) Relocation costs, including, but not limited to, relocation payments made following condemnation;
(7) Organizational costs relating to the establishment of the affordable housing district, including, but not limited to, the costs of conducting environmental impact and other studies and the costs of informing the public about the creation of affordable housing development districts and the implementation of project plans;
(8) Costs of facilities used predominantly for recreational purposes, including, but not limited to, recreation centers, athletic fields and swimming pools; and
(9) Costs for child care, including finance costs and construction, staffing, training, certification and accreditation costs related to child care located in the affordable housing development district; and
(10) Costs of case management and support services; and
(11) Operating costs, including but not limited to property management and administration, utilities, routine repairs and maintenance, insurance, real estate taxes and funding of a projects capital reserve account; and
Sec. 5. 30-A MRSA §5250-D, as enacted by PL 2003, c. 426, §1, is amended to read:
§ 5250-D. Bond financing
The legislative body of a municipality may authorize, issue and sell bonds, including but not limited to general obligation or revenue bonds or notes, that mature within 20 30 years from the date of issue to finance all project costs needed to carry out the affordable housing development program within the affordable housing development district. The municipal officers authorized to issue the bonds or notes may borrow money in anticipation of the sale of the bonds for a period of up to 3 years by issuing temporary notes and notes in renewal of the bonds. All revenues derived under section 5250-A received by the municipality are pledged for the payment of the activities described in the affordable housing development program and used to reduce or cancel the taxes that may otherwise be required to be expended for that purpose. The notes, bonds or other forms of financing may not be included when computing the municipality's net debt. Nothing in this section restricts the ability of the municipality to raise revenue for the payment of project costs in any manner otherwise authorized by law.