DAMARISCOTTA, Maine — The Genesis Fund successfully raised the $500,000 required to receive a matching grant from the Community Development Financial Institution Fund at the U.S. Treasury Department.
The award coupled with donations from individuals, banks, organizations, and foundations created $1 million in new lending capital for affordable housing and vital community facility projects in Maine.
“We are delighted to secure and leverage these funds for Maine people and communities,” said Bill Floyd, executive director of the Genesis Fund, in a press release. “We look forward to using this money right away to finance affordable housing and community facility projects throughout Maine.”
These additional funds bring the Genesis Fund’s pool of lending capital to more than $9.5 million. The Genesis Fund lends this money with flexible terms and interest rates to finance affordable housing and community facility projects throughout Maine. As loans are repaid, funds in the revolving loan pool are committed to new projects. In this way, funds in the revolving lending pool benefit Maine people and communities over and over again.
For more than 20 years, the Genesis Fund has played a vital role in financing opportunities that address critical needs and sustain and strengthen communities throughout Maine. Flexible and innovative financing from the Genesis Fund has made more than 218 affordable housing and community facility projects possible. These projects have improved the lives of thousands of Maine’s most vulnerable people: single parent families, elders, people with disabilities, and working families. Since 1992, the Genesis Fund has provided over $22,306,394 in loans and has leveraged more than $130, 905,967 for the benefit of Maine people.
Learn more about the Genesis Fund here www.genesisfund.org and the Community Development Financial Institution Fund here: www.cdfifund.gov