Financing Information

Program staff will determine eligibility based on the application process, target areas, program capacity and finances. The testing and abatement work is funded through a forgivable loan in the form of a mortgage against the property.  Applicants will need to provide financial information about the property, their own income and the income of tenants. 

Eligible applicants must agree to rent to low-income families (with a priority on children under six) for a period of 3 years and City staff will monitor leases, rental ads and other developments. A mortgage deed is placed on the property to ensure occupancy and HUD low-income tenant requirements are met. 

HUD Income Limits for Applicants by Town in Cumberland County

Cape Elizabeth, Casco, Cumberland, Falmouth, Freeport, Gorham, Gray, Long Island, North Yarmouth, Portland, Raymond, Scarborough, South Portland, Standish, Westbrook, Windham, Yarmouth
 Family Size: 2 3 4 5 6 7 8
 80% of median  $43,050  $49,200  $55,350  $61,450  $66,400  $71,300  $76,200  $81,150
 Baldwin, Bridgton, Brunswick, Harpswell, Harrison, Naples, New Gloucester, Pownal, Sebago
 80% of median  $40,250  $46,000  $51,750  $57,450  $62,050  $66,650  $71,250  $75,850