(Rockland, Maine) The City of Rockland is asking voters to approve a $10M Affordable Housing Bond Ordinance on the June 10 municipal election ballot. In March 2025, the Rockland City Council approved an ordinance authorizing the borrowing of up to $10 million to finance capital projects to enable the construction of affordable workforce housing in the city. The City’s goal is to have the bond’s debt payments offset by the increased valuation created by these new projects.
Possible uses for the money include investments in city infrastructure that would support housing developments. These would include sidewalks or roads, sewer connections, and other related capital improvements that enable the construction of affordable and workforce housing in the city. Any other use of the funds would require a change to the City charter.
“This is a transformational moment for the city and will be a big win for the future of Rockland,” commented Councilor Adam. “The bond will expand access to affordable and workforce housing, and its cost will be offset by the increased revenue from the new housing created. And it opens the door for the city to attract private investment in workforce housing, which the City desperately needs. By making this smart move now, we’re putting Rockland in the driver’s seat to fix our housing crisis by bringing locally controlled resources and solutions to the city in a fiscally prudent, sustainable way.”
“Many people, especially young families with working parents, struggle to afford or locate housing in Rockland,” commented Rockland resident and Housing Task Force member Eric Churchill. “This $10 million bond will provide much-needed new housing and long-term economic growth for Rockland.”
The City estimates that for each $1M borrowed through this bond, using today’s mil rate, taxpayers would see an increase of $6.62 per $100,000 of property valuation. However, any valuation of over $2.5M created by the borrowed $1M would cause the City’s mil rate to actually decrease.
“The $10M bond will bring much-needed housing to Rockland,” said City Manager Tom Luttrell. “The funds will only be borrowed as needed for projects, which will help reduce the debt service payments. The added valuation within the City should lower the mil rate, which in return will end up lowering the tax burden on property owners”.
