Issue link: https://nebusinessmedia.uberflip.com/i/1524150
W W W. M A I N E B I Z . B I Z 15 J U LY 2 2 , 2 0 2 4 F O C U S R E A L E S TAT E / C O N S T R U C T I O N / E N G I N E E R I N G To learn more, visit a-zcorp.com Academic Advanced Technology & Manufacturing Corporate & Non-Profi t Distributed Genera on Healthcare Hospitality Life Sciences Mission Cri cal U li es Building More Together Together, we are partnering with our clients to provide best-in-class: • Design & Engineering • Preconstruc on • Design-Build & EPCM • CM/General Contrac ng • Self-Perform Trades • Energy Management A/Z Corpora on is an industry-leading construc on services provider with an extensive por olio. As part of the Cianbro family of companies since 2019, we are pleased to announce that A/Z and Cianbro's ver cal construc on management group have combined forces and integrated into one focused team: A/Z Corpora on – A Cianbro Company. Addressing housing supply challenges in Maine will require a comprehensive approach to regulatory changes, funding, and strategies to overcome other barriers, such as development and construction industry capacity. The state took the lead on a strategy to build new homes and reinvest in existing homes state-wide through the passage of LD 2003 and over $280 million in affordable housing production funding since 2019. LD 2003 requires municipalities to permit a wider range of housing types and commits state financial and technical assistance for municipalities to support local and regional production targets. Homes are considered affordable if the rent or cost of ownership is less than 30% of household income, says the U.S. Department of Housing and Urban Development. Until recently, mortgages on median home values in Maine were affordable to households earning median incomes. Now, buying is not affordable for most Mainers. Most renter households below 60% of AMI paid over 30% of household income in rent in 2021. Affordability Inventory S O U R C E : State of Maine Housing Production Needs Study, October 2023 Maine's total housing inventory in 2021 was 737,800. That means adding 8,500 to 9,300 homes per year. Currently, 4,800 homes are permitted per year. Maine needs approximately 38,500 homes to remedy underproduction, and another 37,900 to 45,800 to meet expected population growth and household change by 2030.