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Genesis Fund approved more than $1 million in loans in June senior rental housing in Sanford ; single family homes on Chebeague and Islesboro; and long-term financing for working waterfront in Cundy's Harbor The Genesis Community Loan Fund's board of directors approved five loans totaling $1,016,500 at its June 14 board meeting in Brunswick . The Maples at Mayflower Drive , Sanford Housing Authority The Maples at Mayflower Drive in Sanford will provide 26 units of affordable rental housing for seniors who are at or below 60 percent of the area median income. The building will include laundry facilities, a screened porch, a sitting/library area, a dining area, office space, storage areas and a community room with computers available for resident use. Activities for residents, such as gardening, physical therapy, health and cooking classes and activity trips, will be coordinated with activities planned at Mayflower Place , an assisted living facility located next door. The site is within a quarter mile of local transportation. The Genesis Fund's $200,000 predevelopment bridge loan to Sanford Housing Authority (SHA) will allow the $4,870,750 project to begin construction by mid-summer by helping SHA meet the 10% expenditure test required by the Low Income Housing Tax Credit Program by June 27. Other funding sources for the project include The Northern New England Housing Investment Fund, MaineHousing, and Bangor Savings Bank. The three month loan extended by the Genesis Fund will cover architectural and engineering fees, legal fees, permitting fees and appraisals. Single-Family Rental Home, Chebeague Island Community Association (CICA) The Genesis Fund board approved a $197,000 acquisition loan to the Chebeague Island Community Association to purchase the three-bedroom, single-family house located near the small grocery store and the library/health center/meeting hall on the island. For two years CICA plans to rent the house to a family otherwise priced out of the island housing market. This period will give the organization an opportunity to work out eligibility criteria and gain experience running a rental property. After two years, the house may be refinanced and re-rented or, alternatively, sold to a moderate-income family. In addition to the approval of the acquisition loan by the Genesis Fund, CICA received word that on June 19 it was awarded a $25,000 challenge grant from the Genesis-administered Islands Challenge Fund as well as a $20,000 grant from the Island Institute's Affordable Coast Fund. The grant funds and the Genesis Fund loan will be disbursed to CICA upon the success of a local $25,000 fundraising campaign. Further support for the CICA project will be loan interest subsidy derived from a grant from Jane's Trust of Boston to support island housing and community development activities. With assistance from the Genesis Fund's grant from Jane's Trust, the fixed annual rate of interest charged to CICA will be three percent.
Modular home acquisition and refinance of a year-round rental property, Islesboro Affordable Property The Genesis Fund board approved a $140,000 acquisition loan to Islesboro Affordable Property (IAP) to help the nonprofit housing group purchase the second of three modular homes set on an IAP-owned parcel near the village. IAP purchased the 6.53 acre Mazza property for $65,000 in 2005 with a loan from the Genesis Fund. The same year the Islands Challenge Fund (led by the Genesis Fund) approved a $25,000 challenge grant to IAP to help raise local funds for construction of one modular house. Construction was completed in fall 2006 and the first Mazza house is now occupied by an island school teacher. IAP is now preparing to construct a second modular unit on the Mazza property. The plan is to rent the house for five years before selling it to an income-eligible buyer. Additional sources of funding for this project include the $ $69,287 in hand from individual contributions, a $3,000 private foundation grant for utility work, and a $5,000 grant from the Island Institute's Affordable Coast Fund to assist with installing a septic system. As with the loan made to CICA on Chebeague, the interest on the IAP acquisition loan will be subsidized to four percent with grant funds from Jane's Trust of Boston. Since 2002, IAP has owned a single-family rental house in Dark Harbor to provide stable year-round housing to an income-eligible island family. At its June 2007 meeting of its board of directors, the Genesis Fund approved a refinance of the property to fix the mortgage payment and lower the overall expense of the property. IAP must raise charitable contributions each year to make up the different between the rent – which is based on what the tenant can afford – and the actual expenses.
Long-term financing for working waterfront preservation in Cundy's Harbor, Holbrook Community Foundation In December 2007, the Genesis Fund made a bridge loan of $700,000 to help the Holbrook Community Foundation (HCF) of Cundy's Harbor purchase Holbrook's Wharf, a historic working waterfront, seasonal restaurant, and community store under threat of private development. HCF's Campaign to Keep Holbrook's Working raised close to $700,000 from more than 600 donors, businesses, foundations and events to complete the sale and to begin necessary renovations. A large portion of these donations has gone toward the purchase price and renovations. A grant of $300,000 from the state's Working Waterfront Access Pilot Program will be disbursed to HCF later this summer.
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