Independent U.S. Sen. Angus King of Maine is backing a new bill that he says would make it easier for teachers and first responders to afford housing.
The measure would create a new federally administered home loan assistance program, allowing teachers, law enforcement officers, EMTs, paramedics and firefighters to buy their first home without having to come up with a down payment or pay monthly mortgage insurance premiums.
Buyers would be required to pay an upfront mortgage insurance premium of 3.6% to help fund the program.
King said surging home prices have made it impossible for many workers to live in the areas they serve, and the new program would be one way to ease upfront costs.
"And this is one of the ways — a small way — that all together, we're going to deal with this housing crisis that's rampant in Maine right now," King said.
Maine Education Association President Grace Leavitt said the bill helps address an important issue for many teachers who struggle to find housing close to where they teach. But Leavitt said her organization is also backing other efforts such as pay increases to improve the standard of living.
"Certainly the bill that Sen. King has co-sponsored, is something that will help some," Leavitt said. "The bigger issue is just raising overall salaries and wages."
King said he's encouraged that the bill already has several sponsors from both parties, which he hopes could boost its chances at eventual passage.
