Voting ‘yes’ on June 10 will address many critical needs.

Maine voters have the unique opportunity to help the state address two of its most critical issues when they go to the polls Tuesday. People at that referendum can vote to improve the Maine economy and to improve the supply of affordable housing for working families.

The $60 million economic development bond issue includes money for a variety of initiatives that will leverage other funding and boost Maine’s economy. These initiatives include money for research and development, biomedical research, municipal investment, marine and agricultural initiatives – and $8 million for affordable housing initiatives.

There’s a direct link between housing and economic development.

Gov. John E. Baldacci’s economic development package recognizes this fact, and that’s why the bond issues includes housing.

You cannot have economic growth in a community without housing for the workers. If you want to add 1,000 jobs, you will need housing sufficient for that work force.

The Maine State Housing Authority would administer the $8 million for housing, and it would be used two ways: $7.5 million would be used to create affordable work force housing in Maine’s service center communities, and $500,000 would be used to provide a lower down payment and closing cost option for low income families buying their first homes.

Since we already have ongoing programs to create work force housing and finance homes for low income buyers, the benefits to Maine’s economy could be felt soon after the money is made available. By leveraging other MSHA funding, the housing bond funds would generate about $21 million in overall investments in affordable housing.

Affordable work force housing is a key component to any economic development effort, as coastal Maine communities are finding out. Many coastal businesses are having difficulty hiring workers because there is no affordable housing within the community, or in nearby communities.

Housing also is an important economic development tool by itself. An active housing market has done much to sustain Maine’s economy while the rest of the state’s economy has stalled.

According to the National Association of Homebuilders, the financing and development of 1,000 new rental housing units will generate more than 1,000 jobs, $33.5 million in wages, and nearly $18 million in federal, state and local revenues and fees. The association’s research also indicates financing and developing 1,000 new single family homes generates more than $79 million in wages and $42.5 million in state, local and federal revenues.

Even financing existing homes jolts the local economy.

During the first year of ownership a typical home buyer will spend nearly $9,000 on repairs, improvements, furnishings and appliances. Much of the work and purchases will come from local firms.

The $8 million in this bond issue that will go toward housing is really an investment in Maine’s future. The investment will pay off in more housing for Maine’s first-time home buyers, more affordable housing in areas of Maine that need it most for economic growth, and an opportunity at the same time to reinvigorate the downtown areas of many Maine communities with new housing.

I urge Maine people to exercise their right to vote on June 10, and to use that vote to improve Maine’s future by voting yes for more jobs and more housing.

Michael Finnegan is director of the Maine State Housing Authority in Augusta.