PRIA Logo™
MaineLD 1500132nd Maine Legislature (2025-2026)HouseWALLET

An Act to Establish the Maine Community Development Financial Institution Fund to Support Small Businesses, Rural Economic Development and Affordable Housing

Sponsored By: Melanie Sachs (Democratic)

Became Law

ECONOMIC DEVELOPMENTECONOMIC DEVELOPMENT - PLANNING

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Free to download

Bill Overview

Analyzed Economic Effects

3 provisions identified: 3 benefits, 0 costs, 0 mixed.

Maine community lender fund boosts lending

The law creates a dedicated Maine Community Development Financial Institution Fund in the economic development department. Money can come from the Legislature and the Treasurer as low- or no‑cost loaned capital. Federal, state, and private sources can also add funds. Interest stays in the fund, and up to 10% of appropriated and granted money may cover administration. The program funds certified community lenders for housing, community development, capital access, and small business support. Lenders must provide loans, grants, or forgivable loans in underserved Maine communities. The law also adds $500 in FY 2025-26 and $500 in FY 2026-27 from Other Special Revenue Funds.

Rules and reports for community lender program

The department must write routine rules to run the program and monitor funded groups. Starting January 1, 2026, it reports to lawmakers every two years. Reports include how much funding is committed to projects. The committee can request more items and may propose laws after review. These steps improve oversight and accountability.

State deposits up to $10M with community lenders

The Treasurer may deposit up to $10 million each calendar year with community lenders that do business in Maine. Deposits can last up to two years. The interest rate is no more than two percentage points below similar market rates. This low‑cost capital lets these lenders make more loans to small businesses and underserved areas. Deposits happen only when state funds are available.

Sponsors & Cosponsors

Sponsor

  • Melanie Sachs

    Democratic • House

Cosponsors

  • Aaron Dana

    T • House

  • Amy Roeder

    Democratic • House

  • Cameron D. Reny

    Democratic • Senate

  • Trey L. Stewart

    Republican • Senate

  • John Ducharme

    Republican • House

  • Marc Malon

    Democratic • House

  • Matthea E. L. Daughtry

    Democratic • Senate

  • Ryan Fecteau

    Democratic • House

  • Traci Gere

    Democratic • House

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. ACTPUB Chapter 502

    1/11/2026

  2. HELD BY THE GOVERNOR.

    7/8/2025Senate

  3. PASSED TO BE ENACTED, in concurrence.

    6/25/2025Senate

  4. PASSED TO BE ENACTED. Sent for concurrence. ORDERED SENT FORTHWITH.

    6/25/2025House

  5. The House RECEDED and CONCURRED to PASSAGE TO BE ENGROSSED as Amended by Committee Amendment "A" (H-446) as Amended by Senate Amendment "A" (S-477) thereto.ORDERED SENT FORTHWITH.

    6/25/2025House

  6. On motion by Senator ROTUNDO of Androscoggin taken from the Special Appropriations Table On motion by Same Senator the Senate SUSPENDED THE RULES to RECONSIDER their actions whereby the Bill was PASSED TO BE ENGROSSED AS AMENDED by Committee Amendment "A" (H-446) On further motion by Same Senator the Senate SUSPENDED THE RULES to RECONSIDER their actions whereby Committee Amendment "A" (H-446) was ADOPTED. On further motion by Same Senator Senate Amendment "A" (S-477) to Committee Amendment "A" (H-446) READ and ADOPTED. Committee Amendment "A" (H-446) as Amended by Senate Amendment "A" (S-477) thereto ADOPTED. PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment "A" (H-446) as Amended by Senate Amendment "A" (S-477) thereto in NON-CONCURRENCE. Sent down for concurrence.

    6/25/2025Senate

  7. On motion by Senator ROTUNDO of Androscoggin PLACED ON THE SPECIAL APPROPRIATIONS TABLE pending ENACTMENT in concurrence.

    6/5/2025Senate

  8. PASSED TO BE ENACTED. Sent for concurrence. ORDERED SENT FORTHWITH.

    6/4/2025House

  9. Report READ and ACCEPTED, in concurrence.READ ONCE.Committee Amendment "A" (H-446) READ and ADOPTED, in concurrence.Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment "A" (H-446), in concurrence.Ordered sent down forthwith.

    6/3/2025Senate

  10. CONSENT CALENDAR - FIRST DAYUnder suspension of the rules CONSENT CALENDAR - SECOND DAY.The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "A" (H-446).Sent for concurrence. ORDERED SENT FORTHWITH.

    6/3/2025House

  11. The Bill was REFERRED to the Committee on HOUSING AND ECONOMIC DEVELOPMENT in concurrence

    4/8/2025Senate

  12. Committee on Housing and Economic Development suggested and ordered printed. The Bill was REFERRED to the Committee on HOUSING AND ECONOMIC DEVELOPMENT.Sent for concurrence. ORDERED SENT FORTHWITH.

    4/8/2025House

Bill Text

  • Amendment C-A (H-446), adopted by House & Senate

    PDF

  • Amendment S-A to C-A (S-477), adopted by House & Senate

    PDF

  • Enacted

    PDF

  • Introduced

    PDF

Related Bills

Back to State Legislation