99-346-31 Me. Code R. § 1

Current through 2024-51, December 18, 2024

Section 346-31-1 - Definitions

The following terms shall have the following meanings:

A. "Affordable Housing" means a decent, safe and sanitary dwelling, apartment or other living accommodation for a household whose income does not exceed 120 percent of the median income for the area as defined by the United States Department of Housing and Urban Development.

B. "Affordable Housing Development District" means a specified area within the corporate limits of a municipality that has been designated as such in accordance with the provisions of Sections 5247 and 5250 of Title 30-A M.R.S.A. for a duration of up to 30 years and that is developed under an Affordable Housing Development Program and financed under Section 5250-A of Title 30-A M.R.S.A.

C. "Affordable Housing Development Program" means a statement of means and objectives designed to encourage the development and maintenance of Affordable Housing within an Affordable Housing Development District.

D. "Authority" means the Maine State Housing Authority.

E. "Captured Assessed Value" means the amount of Increased Assessed Value that is utilized from year to year to finance the Project Costs contained in the Affordable Housing Development Program.

F. "Current Assessed Value" means the assessed value of the District certified by the municipal assessor as of April 1st of each year that the Affordable Housing Development District is in effect.

G. "Director" means the Director of the Authority.

H. "District" means an Affordable Housing Development District.

I. "Increased Assessed Value" means the valuation amount by which the Current Assessed Value of an Affordable Housing Development District exceeds the Original Assessed Value of the District.

J. "Original Assessed Value" means the assessed value of an Affordable Housing Development District as of March 31st of the tax year preceding the year in which it was designated.

K. "Project Costs" means any expenditures or monetary obligations incurred or expected to be incurred that are authorized by Section 5249 of Title 30-A M.R.S.A. and included in the Affordable Housing Development Program.

L. "Tax Shifts" means the effect on a municipality's State revenue sharing, education subsidies and county tax obligations that results from the designation of an Affordable Housing Development District and from Captured Assessed Value.

99-346 C.M.R. ch. 31, § 1