On October 1, 2009 The Genesis Fund received a call from the office of Senator Susan Collins announcing the $1,000,000 award from the CDFI Program of the US Treasury. Of the 452 organizations that applied, the Genesis Fund was one of 62 selected for an award. In this highly competitive funding round, the Genesis Fund was the only recipient in Northern New England.



"This award will help the Genesis Fund continue our work across Maine by helping to provide financing for safe, stable, affordable housing," said William Floyd, Executive Director of the Genesis Fund. "Our work to help underseved people and communities create affordable housing and vital community facilities includes projects like the development of affordable housing for seniors in Bangor, supported housing for people with disabilities in Damariscotta, and affordable housing projects on Maine's islands," Floyd continued.



This award will allow the Genesis Fund to increase the amount of long term and gap financing it can provide for affordable housing projects and community facilities.

Rising Tide Community Market celebrated its move to a bigger space with a ribbon cutting ceremony on July 22, 2009.

Rising Tide, a not-for-profit natural foods cooperative market is a vital community institution. Supporting local farmers and producers, nearly 30% of all its goods are purchased locally.

"The help and flexibility of the Genesis Fund really helped this project go forward. We appreciate the Fund's support." said Mark Ward, President of the Rising Tide Board of Directors at the ribbon cutting.

Maine banks invest in Maine communities by investing in the Genesis Fund. We are happy to welcome Norway Savings Bank and Franklin Savings Bank as our newest investors. Their investment in Genesis provides a unique opportunity to support local community development while fulfilling their Community Reinvestment Act responsibilities.



"Investing in Genesis is a no brainer. Not only do you get CRA credits the Genesis Fund spreads the risk out for you and the staff are very good at what they do." said Andrew Sturtevant, Senior Vice President Loan Administration, at Franklin Savings Bank.

Originally from Denver, Colorado, Phelps has a law degree from the University of Colorado. After spending several years working in South America for what is now Citibank, he returned to the US to develop low-and moderate-income housing. Phelps was a co-founder of US Energy Corporation, a developer of alternative energy projects throughout the US, including Maine.

Currently, he summers in South Bristol and serves on the boards of The Carpenter's Boat Shop, the Family Planning Association of Maine, and as an advisory board member of Bigelow Lab. He is a past board member of the Round Top Center for the Arts and past chair of St. Patrick's Episcopal School in Washington, DC.