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2 hours ago in Local Photo: 560 WGAN Newsradio
The Maine Legislature has passed a bill to help bring down student loan debt, with the goal of getting young people into homes.
According to CBS 13, lawmakers passed the HOMED Act, which addresses student loan debt and the high cost of owning a home in today’s market. The law, modeled after a similar initiative in Maryland, would direct the Maine State Housing Authority to work alongside the Finance Authority of Maine to design the program.
The state says the average student in Maine has $33,000 of student debt when they graduate.
Governor Janet Mills has 10 days to either sign the bill, veto it, or let it become law without her signature.
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The Finance Authority of Maine has approved an $800,000 FAME Direct Loan to Standard Biocarbon Corp., and the money will help fund equipment for the company s biochar operation at the former East Millinocket mill site.
SBC, the anchor tenant of the new town-owned innovation campus, will use the loan to buy two kilns that will be used to produce biochar, which is a granular carbon substance produced when organic matter is decomposed thermally in an oxygen-starved chamber, a process called pyrolysis.
SBC signed a letter of intent in February with the East Millinocket Industrial Inc. board of directors to locate at the developing innovation and industrial park at the former Great Northern Paper site. The company will initially create eight jobs, with more possible in the future, FAME said in a news release about the financing. The board oversees the mill site, which is owned by the town.
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