PHOTO Betsey (above) and Patty invited Genesis staff to visit their apartments, part of Bath Housing. Both are talented crafters—of paintings, textiles, and food!
Quick-Turn Loans
Before it’s Gone
Genesis works with affordable housing developers and municipal housing agencies across the state. They look to us for flexibility, creativity, or responsiveness that they can’t get from other financing partners.
In the current, highly competitive real estate environment, development organizations need to act quickly to acquire land for new projects. While, ultimately, project financing comes from a variety of sources, the market doesn’t always allow time to line those financing sources up before properties need to be purchased.
“The short-term, quick turnaround funds from Genesis proved to be a critical part of our strategy to acquire key parcels of land for future housing.”
That’s why, when time-sensitive opportunities arose for Augusta Housing Authority, Avesta Housing, Bath Housing, Biddeford Housing Authority, and Westbrook Housing to secure land at locations aligning with their expansion plans, Genesis expedited “quick-turn” low-interest loans in 2022 and 2023 with the stipulation that they be paid back in less than two years. More than 229 units of housing would result.
