Maine Gov. Janet Mills authorized voter-approved senior housing bonds that were held up for three years by predecessor Paul LePage.
Mills, a Democrat, signed a financial order Tuesday to begin release of the $15 million in affordable housing bonds for senior citizens that voters approved with 69% support in 2015. LePage, a Republican, refused to authorize the senior bonds and other voter-approved debt claiming the state was not sound enough fiscally to take on more borrowing.
“While the people of Maine authorized this bond more than 1,000 days ago, today we proudly move forward in our goal of ensuring all Maine seniors can live safely and with dignity and comfort in the homes and communities they love,” said Mills in a statement. “It’s time to build more affordable senior housing as the voters intended.”
The housing bonds will fund construction of more than 200 new affordable and energy efficient senior housing units along with the weatherization of 100 existing low-income senior homes. Over $22.5 million in matching federal funds will also be generated from the bond issuance.
The financial order signed by Mills will allow $500,000 of the voter-approved bonds to be immediately used to fund ongoing projects. She also signed a letter to new Maine Treasurer Henry Beck declaring her intent to authorize the sale of the remainder of the bonds for any shovel-ready projects in June.
“This week Governor Mills gave a clear indication to my office and all involved that she intends that all or part of the senior housing bond resoundingly approved by Maine voters be included in the annual June sale,” said Beck. “These early actions signal to investors that the sale of Maine bonds are on track and I look forward to engaging investors for the benefit of Maine people.”
Mills, a former state attorney general, assumed office in early January after winning her gubernatorial election against Republican businessman Shawn Moody in November. Mills spokesman Scott Ogden said going forward she plans to authorize voter-approved bonds “in a timely manner.”
Maine has general obligation bond ratings of Aa2 from Moody’s and AA from S&P Global Ratings.
