Genesis Fund makes loan to Community Housing of Maine for year-round affordable apartments on Vinalhaven

April 2007

The Genesis Fund Board of Directors also approved a loan to Community Housing of Maine (CHOM) at its February 16 meeting. The $25,000 construction loan will allow CHOM to complete exterior renovations on an optioned commercial building on Vinalhaven that will yield seven affordable

apartments. The building at 53 High Street is in a developed residential neighborhood, walking distance both from downtown and from the ferry dock, and is served by town water and sewer.

Like many island and coastal communities in Maine , Vinalhaven has experienced serious inflation of property values caused by the influx of affluent, seasonal buyers. This has made it increasingly difficult for low and moderate income families to afford housing, particularly since the cost of constructing new housing is compounded by distance from the mainland. According to a Housing Demand Analysis prepared for the Town in 2004 by Planning Decisions, fully two-thirds of the 137 renter households on Vinalhaven in 2000 had annual incomes below $35,000. The study projected a need for an additional 20 units by 2007. No new affordable rental housing units have been added to the housing stock since the analysis in 2004, which also noted a "backlog" demand of 3 to 10 rental units. CHOM is aware of several qualified renters who are living in substandard housing units (no indoor plumbing) and would benefit immediately from the completion of this project.

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