MAPLETON, Maine, February 11, 2025—Twelve households of older residents in rural Aroostook County now know their homes will remain affordable for years to come, thanks to a partnership between the Genesis Community Loan Fund and Presque Isle Housing Authority. Support for the transfer was made possible through a grant from USDA Rural Development to the Genesis Fund.

Presque Isle Housing Authority has a strong track record of owning, managing, and rehabilitating affordable housing, and it will make renovations to improve building safety and residents’ apartments in the Mapleton property. To enable that significant work, the housing authority will take advantage of Maine’s State Affordable Housing Tax Credit.

“This partnership will help a dozen Aroostook County families stay in their homes safely and affordably, in the place they have set down roots and lived with dignity and comfort. I’m proud the Maine Affordable Housing Tax Credit program, which I signed into law with bipartisan support from the Legislature, continues to make these projects possible in rural areas across our state,” said Governor Janet Mills. “I applaud Genesis Community Loan Fund, the Presque Isle Housing Authority, and the U.S. Department of Agriculture for working together to preserve these affordable homes for decades to come.”

In the early 1980s, the property was developed by Lester Hersey, who relied on USDA-financing to build the affordable multifamily homes he has rented for years to older adults in Aroostook County. He and his wife worked with Genesis to transition the property to new ownership, rather than risking it being lost to the private market.

Genesis has been at the forefront of preserving USDA Section 515 properties, which play a critical role in providing rural affordable housing but face increasing risk as their original owners retire and mortgages mature. The model of transferring ownership to nonprofit buyers committed to maintaining affordability has so far preserved 64 affordable homes. A grant from USDA RD enables Genesis to carry out this critical work.

“Our success means that residents remain safely housed,” said Liza Fleming-Ives, Genesis executive director. “It’s critical to preserve these homes that the 515 program makes affordable. They are some of the only quality rental homes available in many rural communities and especially for households with low-income.”

At its height, USDA’s Section 515 program financed the development of thousands of rural apartments a year across the country, offering low-interest mortgages and rental assistance for those who lived there. However, with many of these mortgages now reaching maturity, the ongoing affordability of more than 7,600 homes in Maine is at risk.

Section 515 property owners can contact Genesis to work with its staff for guidance and financial resources to transfer ownership and ensure people’s homes remain affordable. The successful preservation of the Mapleton property in Aroostook County is an example of how collaboration and partnerships can protect existing affordable homes in Maine.

Genesis Community Loan Fund is a certified nonprofit Community Development Financial Institution (CDFI) dedicated to connecting communities in Maine and northern New England with the capital and expertise needed to overcome barriers to opportunity and prosperity. Genesis provides flexible loans, expert project guidance, and policy advocacy to create affordable housing, healthcare, childcare, and other essential community infrastructure. Learn more at www.genesisloanfund.org.

Presque Isle Housing Authority assists low- and moderate-income families by providing safe, decent, and affordable housing opportunities. PIHA is committed to supporting families as they work toward self-sufficiency and improving their quality of life.