March 2008

The Genesis Fund celebrates its biggest year ever!

More lending, more assistance...that's what we're all about.

As the Genesis Fund approaches March 31 – the end of its fiscal year – it's clear that 2008 will mark our biggest year ever. Sixteen loans totaling more than $2.45 million and expert assistance to 33 community-based organizations serving 14 of Maine's 16 counties indicate that the level of demand for our low-cost, innovative financing and technical and organizational assistance is growing.

 

Affordable Housing for Maine Islands and Coastal Communities ~ $967,500

-  a $25,000 construction loan and a $150,000 acquisition loan to Community Housing of Maine purchase a commercial building on Vinalhaven being converted into six affordable rental apartments.

- $176,000 acquisition loan to HomeStart, a volunteer-run nonprofit housing group on Peaks Island, to purchase its first property to assist in providing affordable, year-round housing on the island. 

- a $140,000 acquisition loan to Islesboro Affordable Property (IAP) to purchase the second of three modular homes set on an IAP-owned parcel near the village to be sold to an income-eligible island resident; a $79,500 loan to IAP to refinance the mortgage on its single-family rental home in Dark Harbor.

- $197,000 acquisition loan to Chebeague Island Community Association (CICA) to purchase a year-round home to lease to an income-eligible island family.

- a $200,000 construction loan to the Camden Affordable Housing Organization to develop infrastructure for Lupine Terrace, a development which will offer 14 units of affordable housing for first-time homebuyer families at or below 80% area median income ($36,152). Ten additional lots will be sold at market price to assist with project costs.

Community Facilities ~ $833,054

- a $139,054 refinance to Harbor Schools of Maine in Rockport. The school and its program provide the Department of Health and Human Services (DHHS) with a stable environment for boys aged 13 to 17 who need treatment for substance abuse and mental illness.

- a $4,500 working capital loan to Community Building Trust to cover costs associated with The Midcoast Green Collaborative's Sustainable Energy Expo to be held on April 18 and 19 at the Central Lincoln County YMCA in Damariscotta.

a $289,500 refinance loan to Shalom House, Inc. in Portland to assist with the completion of the office renovation on its 1.32-acre site near Hadlock Field.  The Genesis Fund's original loan in 2004 helped Shalom House acquire the property which now is home to its office and programs, an art studio for its community art program, 4,000 square feet of rental space for other agencies, 24 units of affordable multifamily housing, a six-unit group home for persons with mental illness and sufficient parking for all the site uses.

- a $400,000 refinance of an original $700,000 bridge loan to the Holbrook Community Foundation in Cundy's Harbor, Harpswell. The Foundation repaid $300,000 of the loan with a grant from Maine 's Working Waterfront Access Pilot Program.

 

Affordable Elder and Supportive Housing ~ $650,200

- a $200,000 predevelopment loan to Sanford Housing Authority for a The Maples, a 6-units affordable rental housing project for seniors who are at or below 60 percent of the area median income.

- a $69,200 acquisition loan to Support Solutions, a nonprofit agency in that serves those with developmental disabilities and mental health challenges in Androscoggin, Oxford , Kennebec, Cumberland , and York Counties, to purchase a single-family manufactured home in Minot to provide housing and supportive services to an individual with developmental disabilities.

- a $51,000 acquisition loan to Community Housing of Maine to help purchase and rehab a building on Charles Street in Bangor into four apartments to provide safe, secure, and affordable housing to four homeless people with disabilities; an $80,000 acquisition loan to purchase a residential property in Scarborough to provide safe, secure, and affordable housing and supportive services for up to six people with disabilities.

- a $250,000 acquisition loan to Volunteers of America/Northern New England for the 55 units of subsidized senior apartment housing on Harlow Street in Bangor. Currently many Bangor elders are on waiting lists for income-eligible senior housing, so the project will meet a growing need in the community. Other funders for the project include HUD, MaineHousing, and Bangor Savings Bank.