Housing Data Resources

What the Data Shows 

The Community Health Leadership Board (CHLB) of Bangor and the Maine Affordable Housing Coalition (MAHC) commissioned a feasibility study for the Penobscot Housing Fund. Key findings from the study include:

• A decrease in the number of working-age adults in the next five years.
• An increase of 1,900 new regional jobs in healthcare, finance, and hospitality.
• Strong demand for rental and homeownership properties, especially for the region’s workforce population.
• Funding gaps prevent the feasibility of developing the needed supply of housing in a timely fashion.

Over the next five years,1,524 units will be needed to keep up with demand. The current pipeline of new housing is only enough to meet 14 months of demand.

Our region needs a mix of homes for sale and units to rent to meet the growing demand. However, research also shows that developers lose money building properties that are affordable for the majority of our region’s workforce. 

Development Gaps:

• For sale units below 300k (<120% AMI) are not feasible.
• Rental units below $1,500 (<60% AMI) are not feasible.

Addressing this gap is one way to help our region continue to grow and thrive. The Penobscot Housing Fund has been created to do just this.  While the issue, and it’s potential solutions are complex and nuanced, the Fund can make a difference now and in the future. 

Uses for the Penobscot Housing Fund include: 

• Land acquisition
• Infrastructure development
• Predevelopment costs
• Below-market rate loans for developers
• Incentives for workforce population rental and homeownership property development