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Developing our region’s future, home by home.

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The Penobscot Housing Fund is a pilot program designed to speed the development of new housing units in the Bangor Labor Market Area (LMA) and surrounding communities in Penobscot County, Maine.

The Fund will provide new sources of financial support to meet the growing demand for workforce housing, which is essential for sustaining Maine’s economy.

Why Do We Need More Workforce Housing in Maine?

Maine is an aging state. It ranks as the oldest in the nation, with nearly 30% of Maine residents over 60. And as we continue to age, more and more Mainers are leaving the workforce.

The rate at which Maine is losing its workforce is greater than the rate at which we are losing residents.

To offset retirements from our aging demographic, Maine needs 5,000 new workers every year. And the primary limiting factor for this growth, and therefore our state’s economic sustainability is a lack of housing.

In Penobscot County alone, more than 300 additional units of workforce housing are needed each year to maintain the current economy.