In partnership with one of Maine 's leaders in energy efficiency, Horizon Energy of South Portland, the Genesis Fund now offers a program to help Maine nonprofit organizations bring energy efficiency to their facilities, help save money on fuel costs, and help the environment by reducing fuel use and emissions.

Here is how it works: First Horizon Energy will conduct an energy audit to determine where savings can be achieved and provide a list of pre-screened, local contractors qualified to do the work. Then the Genesis Fund will walk organizations through a simple and inexpensive loan process to fund renovations with below market financing. When the renovations are completed, Horizon Energy will conduct a second audit to confirm the quality of the work.

"This green loan program will be very helpful to many affordable and supportive housing agencies that own group homes and multi-family housing built in the 1970s and 1980s," said Bill Floyd, executive director of the Genesis Fund. "Rising energy costs can throw off an organization's budget that is already tight. By working with Jon Riley at Horizon, we'll be able to help by identifying the cost-saving efficiencies and providing the low-cost funding to achieve them."

Other nonprofit organizations that assist underserved Mainers, such as churches, often have facilities that could benefit from an energy efficiency renovation and are welcome to contact the Genesis Fund about the program.

If you represent a nonprofit that might be interested in the Genesis Fund's green loan program, please contact Bill Floyd at bfloyd@genesisfund.org or 207.563.6073.

The November sale of another house to year-round Monhegan residents marks the fifth affordable home developed by the Monhegan Island Sustainable Community Association (MISCA) since its founding in 2002. With the success of the latest project, Richard Farrell, president of MISCA, commented, "The critical start up period for MISCA has reached a successful end as we have helped stabilize the winter population by helping to provide affordable year-round housing for existing residents who have spent many years on the island."

The latest home is a summer cottage on Horn Hill overlooking the village. To help make the sale possible the owner discounted the property from the market price of $525,000 to $375,000. With a $25,000 Genesis Fund-administered Islands Challenge Grant, $25,000 from the Island Institute's Affordable Coast Fund, $125,000 from MISCA's New Projects Fund, and donations from three private sources, MISCA was able to purchase the house at one of the lowest sale prices seen on the island in several years.

As with other MISCA projects, the organization will retain title to the land to ensure that the house remains affordable to year-round island families in perpetuity. Because the summer cottage must be winterized, its new owners, Rich Shay, a salesman for a marine supply company via the Internet (the first island resident to have a full-time Internet job) and an experienced builder, and Chris Cash, a lobsterwoman, purchased the cottage from MISCA for $20,000 and will invest $100,000 to winterize the property. According to Farrell, "Chris and Rich have construction skills and extended family that will ensure their success. The Monhegan community is particularly excited to have this young married couple settle on the island. They are extremely enthusiastic community participants."

Congratulations, MISCA!

With more than $2 million in loans to Maine nonprofits serving their neighbors and by providing expert assistance to more than two dozen community groups, the Genesis Fund will experience its busiest and biggest fiscal year ever in 2008.

Beginning January 1, in appreciation to our individual investors and in hopes of convincing some of our many donors to become investors, the Genesis Fund is now offering higher interest rates to those willing to invest funds in our revolving pool of capital. The rates will be highest for investments committed for longer terms.

"With several loans in the pipeline for early this year, the need for more capital to lend to help Maine's nonprofits do good work in affordable housing and community development is more important than ever," said Bill Floyd, the Genesis Fund's Executive Director.

"Also, as we roll out our two new initiatives - providing green loans for nonprofit facilities and assisting mobile home park residents organize cooperatives to purchase their mobile home parks - we will need more private investments for longer terms so we can make long-term loans to these groups," he explained.

The old investment schedule allows for investments of $1,000 and up for at least one year. The investor may choose an interest rate from 0% to 2.25%.

As of January 1, 2008, those who invest (or reinvest a current investment) will be offered the following terms:

Investments of 1 to 3 years - 0% to 2.5%

Investments of 4 years or longer - 0% to 3.5%

With the Genesis Fund's 100% rate of repayment to investors and 0% default rate from more than 100 borrowers since 1992, our investors know that their investment is both safe and doing the good work of serving our neighbors in communities across Maine.

Interested in investing funds in our revolving pool of capital at our new rates? Call Bill Floyd at 563-6073 or click the link below to read more about supporting the Genesis Fund.

In mid-December Support Solutions, a nonprofit agency in that serves those with developmental disabilities and mental health challenges in Androscoggin, Oxford, Kennebec, Cumberland, and York Counties, used a $69,200 loan from the Genesis Fund to acquire a single-family manufactured home in Minot to provide housing and supportive services to an individual with developmental disabilities. Support Solutions has determined that the rural and private location of the property is a good setting for the challenges of the resident. Support services, including the supportive housing provided, is subsidized through the Department of Health and Human Services.