March 2005

Genesis approves new loans to create affordable housing opportunities and support organizational development

In March, Genesis approved $284,900 in new loans to Avesta Housing, Islesboro Affordable Property, and the Maine Time Dollar Network to create affordable housing opportunities and support organizational development.

Avesta Housing Development Corporation borrowed $79,900 from Genesis to purchase a 1.34-acre parcel of land near the Morrill's Corner neighborhood in Portland . Avesta plans to build 10 affordable condo units for purchase by moderate-income, first-time home buyers. Avesta is the largest non-profit housing agency in Maine.

Islesboro Affordable Property borrowed $60,000 from Genesis to purchase 6.35 acres on Islesboro. IAP plans to create three single family affordable housing units at the site in the future. IAP supports the sustainability of the year round community on Islesboro by providing affordable housing options for very low, low, and moderate income residents of the island.

Maine Time Dollar Network borrowed $145,000 toward the purchase an office building on Portland Street in Portland . This purchase will provide much needed office space for staff and training of time bank members and affiliates. MTDN helps people connect with their communities and fosters social justice by allowing individuals to exchange services for time rather than money.

 

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