The ACRE Act would provide access to low-interest home and farm loans to borrowers in nearly 390 rural Maine towns. Author: Elle Ousfar (NEWS CENTER Maine) Published: 4:23 PM EDT July 22, 2023 Updated: 4:23 PM EDT July 22, 2023 MAINE, USA — People across the country and here in Maine face severe difficulties affording housing due to the higher cost of living, rising interest rates, and housing shortages.
In the wake of the housing crisis, Senators Angus King (I-Maine) and Jerry Moran (R-Kan.) introduced the Access to Credit for our Rural Economy (ACRE) Act of 2023 that would give borrowers in rural towns across the U.S. access to low-interest loans when purchasing a home or farm.
Senator Angus King said, “It has simply gotten way too hard to find reasonably priced homes in our small towns.”
The legislation would make home and farm ownership more affordable for approximately 311-thousand people living in about 390 rural towns in Maine, according to 2020 Census data.
"There’s no one easy solution to our housing affordability problems, but this bipartisan effort would be an important step forward. I appreciate Senator Moran’s partnership and hope we can get this bill passed for rural communities like those in Maine and Kansas,” Senator King added.
The ACRE Act would work by giving small community banks access and flexibility to provide affordable low-interest loans and mortgages to their rural community borrowers.
“High inflation and rising interest rates are putting a strain on farmers and rural homeowners in Kansas and across the country,” said Sen. Moran.
“The ACRE Act will help Maine people and farmers in rural communities, and we’re grateful for Senator King's support.”, said Jim Roche President of the Maine Bankers Association
The ACRE Act would provide access to low-interest home and farm loans to borrowers in nearly 390 rural Maine towns. Author: Elle Ousfar (NEWS CENTER Maine) Published: 4:23 PM EDT July 22, 2023 Updated: 4:23 PM EDT July 22, 2023 MAINE, USA — People across the country and here in Maine face severe difficulties affording housing due to the higher cost of living, rising interest rates, and housing shortages.
In the wake of the housing crisis, Senators Angus King (I-Maine) and Jerry Moran (R-Kan.) introduced the Access to Credit for our Rural Economy (ACRE) Act of 2023 that would give borrowers in rural towns across the U.S. access to low-interest loans when purchasing a home or farm.
Senator Angus King said, “It has simply gotten way too hard to find reasonably priced homes in our small towns.”
The legislation would make home and farm ownership more affordable for approximately 311-thousand people living in about 390 rural towns in Maine, according to 2020 Census data.
"There’s no one easy solution to our housing affordability problems, but this bipartisan effort would be an important step forward. I appreciate Senator Moran’s partnership and hope we can get this bill passed for rural communities like those in Maine and Kansas,” Senator King added.
The ACRE Act would work by giving small community banks access and flexibility to provide affordable low-interest loans and mortgages to their rural community borrowers.
“High inflation and rising interest rates are putting a strain on farmers and rural homeowners in Kansas and across the country,” said Sen. Moran.
“The ACRE Act will help Maine people and farmers in rural communities, and we’re grateful for Senator King's support.”, said Jim Roche President of the Maine Bankers Association
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