Federal Home Loan Bank of Boston awards funds to support Fort Kent mobile home park

$119,997 in grants and subsidy will support infrastructure work and low-interest financing

June 2007

The Federal Home Loan Bank of Boston (the Bank) awarded more than $3.5 million to fund 161 units of affordable housing in five Maine communities through its Affordable Housing Program (AHP).

One of the awards, sponsored by the Genesis Fund through member bank Camden National will bring $119,997 in grant and subsidy to the Riverview [Mobile Home] Park Cooperative in Fort Kent.  In addition, Camden National Bank will make an acquisition loan of $120,000. The funds will support the acquisition and rehabilitation of an existing, investor-owned manufactured-home park that will be converted to a resident-owned cooperative.   The Genesis Fund has been working with the Town of Fort Kent and Riverview residents since January to help residents become resident-owners of the park.

Twelve units will be occupied by households with incomes at or below 50 percent of area median income, six with incomes between 61 and 80 percent of area median income, and four units will be market rate. All residents will be offered financial planning, educational services, participation in the home-owners' association, and legal authority for management.

Each year, the Bank sets aside 10 percent of its net profits to provide grants and subsidized, below market-rate loans through the AHP. "The AHP is one way we help our member banks help their communities secure safe, decent, and affordable housing," said Michael A. Jessee, the Bank's president and chief executive officer. "This round helps a wide range of households throughout New England, from the homeless and elderly to the disabled and those fleeing domestic violence. We are proud to help make a difference in the lives of these families."

"It should continue to be a national priority for all Americans to have access to safe, affordable housing," said Senator Susan Collins (R-ME). "The initiatives supported by this funding from the Federal Home Loan Bank of Boston will assist many Mainers and will go a long way to help create a better standard of living in the communities to which they are being awarded."

 

For more...

Download our brochure: From Tenant to Owner

April 2007
Momentum for Fort Kent resident-owned mobile home community builds; MaineHousing and Maine Community Foundation offer support ( more... )

March 2007

Genesis assists mobile home park residents in purchasing their park

Fort Kent residents form cooperative; Genesis applies for grants (more...)

January 2007
Genesis Fund works with the Town of Fort Kent to convert manufactured home park (more...)

June 2006
Genesis Board supports exploration into manufactured housing cooperatives

(more... )

New Hampshire Community Loan Fund's Manufactured Housing Park Program

"A Fresh Look at Manufactured Housing" by Paul Bradley of the NHCLF