Kennebec County, Maine is home to a number of innovative real estate investing opportunities. In the city of Augusta, for example, investors can purchase abandoned properties for as little as $1 through the city’s online auction process. These properties can then be rehabbed and resold for a profit.
In Waterville, investors can take advantage of the city’s tax increment financing program to finance redevelopment projects. This program allows developers to borrow money for redevelopment projects at a low interest rate, with the expectation that the increased value of the property will generate enough tax revenue to repay the loan over time.
In Lewiston, investors can participate in the city’s Community Land Trust program. This program allows investors to purchase vacant or underutilized properties and lease them to qualified low-income residents at an affordable rate. The Community Land Trust then retains ownership of the land, ensuring that it remains affordable in perpetuity.
Each of these cities offers unique opportunities for real estate investors looking to make a difference in their community while also earning a profit. For more information on these and other innovative real estate investing opportunities in Kennebec County, Maine, contact your local Chamber of Commerce or Economic Development office.