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Genesis Fund Receives Largest Award in Maine Announced Today by U.S. Treasury Department
Brunswick, Maine, February 28, 2023–The Genesis Community Loan Fund has been awarded $1,060,000 million by the U.S. Treasury Department, the largest award in Maine among 252 Community Development Financial Institutions (CDFIs) across the country. Genesis will use the funding to help relieve the affordable housing crisis across the state.
“We will apply this timely funding to assist housing projects in different stages of planning and development, for many Maine communities,” said Liza Fleming-Ives, executive director of the Genesis Fund. “It has never been more important than now that Maine puts affordable housing resources forward from a variety of sources. What Genesis contributes is capital and expert assistance to projects that create housing that’s affordable for Maine’s diverse people.”
The award is part of $194.1 million in competitive grant funding announced today by the U.S. Treasury, in support of CDFI investments nationwide. One of five Maine CDFI’s to receive U.S. Treasury funds, Genesis prioritizes affordable housing in its work with borrowers and other partners statewide. Notable is that the award to Genesis includes $500,000 designated specifically for projects serving people with disabilities. In 2022, the Genesis Fund was recognized by the National Disability Finance Coalition with the coalition’s first-ever Trailblazer Award because of its record of success delivering financial products and services to people with disabilities as well as incorporating accessibility into Genesis priorities for diversity, equity, and inclusion.
Genesis will seek to leverage the $1,060,000 million grant with an additional $4 million of community investment capital for a total of $5 million in new capital to be deployed for affordable housing. These funds will add to the $41 million revolving loan pool Genesis has to support high-impact affordable housing and community facility projects. Genesis builds its loan fund through contributions from impact investors who receive a return on their investment, and with donations from individuals, organizations, foundations, banks, and other institutions.
About the Genesis Community Loan Fund: A 30-year-old Community Development Financial Institution (CDFI), the Genesis Fund brings together resources to create housing and other economic and social opportunities with people and communities facing barriers to opportunity and prosperity. Genesis makes projects happen that otherwise wouldn’t, throughout Maine and in other communities in Northern New England. The organization’s programs include lending capital, delivering expert guidance, promoting systemic change and policy solutions, and opening channels for people and institutions to move resources toward community needs.