advertisement
February 19, 2019

Genesis Fund receives $1.165M grant to support affordable housing

About the Genesis Fund

The statewide Genesis Community Loan Fund, headquartered at 22 Lincoln St., Brunswick, was founded in 1991 by several midcoast faith-based organizations as a revolving loan fund to provide financing for affordable housing. It offers flexible, innovative financing to Maine nonprofits that might find it difficult to obtain conventional financing, offering loans for vital community projects like health and child centers and facilities for people with disabilities in underserved communities across Maine. The Genesis Fund also provides technical assistance to local nonprofits to create these projects. This professional assistance includes development planning, feasibility studies, financial projections, finding additional sources of funds, and grant writing. It has loaned more than $40 million to more than 238 projects to create affordable housing and vital community facilities.

The Genesis Community Loan Fund, a Brunswick-based lender, was awarded $1.165 million through the U.S. Department of the Treasury's Community Development Financial Institutions Fund.

The funding will support development of affordable housing and community facilities in low-income communities and is awarded through the Capital Magnet Fund.

Founded in 1991, the Genesis Fund provides innovative financing and expertise to Maine nonprofits. As a certified Community Development Financial Institution, it has loaned more than $40 million to more than 200 projects throughout Maine helping single parents and their children, low-income working families, the elderly, homeless individuals and people with disabilities.

U.S. Sens. Susan Collins, R-Maine, and Angus King, I-Maine, announced the award in a news release. "By providing Maine's nonprofit organizations with financial support and technical assistance, the Genesis Fund plays a vital role in assisting our state's most vulnerable individuals and families in finding affordable housing," Collins and King said. "This important funding will help connect Mainers with the resources they need to achieve economic independence."

The CDFI Fund, established by the Riegle Community Development and Regulatory Improvement Act of 1994 as a bipartisan initiative, was created to promote economic revitalization and community development through investment in and assistance to CDFIs.

Last month, Collins and U.S. Sen. Jack Reed, D-R.I., chairman and ranking member of the Housing and Urban Development Appropriations Subcommittee, sent a letter to the Federal Housing Finance Agency director, urging continued funding of the Capital Magnet Fund.

Comments

Type your comment here:

Today's Poll How do you see Gov. Janet Mills' proposed budget?<>
ADVERTISEMENTS
Most Popular on Facebook