The award includes one of only 14 Disability Finance Awards Granted Nationwide

Brunswick, Maine, September 26, 2024—The Genesis Community Loan Fund has been awarded $1.8 million by the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund, the largest award the Genesis Fund has ever received from the CDFI Fund’s competitive Financial Assistance funding round. The award includes $1 million specifically for projects benefiting people with disabilities, the maximum grant amount possible from that pool. Genesis is one of only 14 recipients nationwide to receive this critical disability finance funding.

With more than $60 million in total assets, Genesis provides flexible financing and expert guidance to help communities in Maine and northern New England create and preserve affordable housing as well as complete projects that address homelessness, food insecurity, and healthcare access. It is one of five Maine-based CDFIs to receive funding from the Treasury Department’s CDFI Fund in this funding round.

“We are grateful for this significant award, which will allow us to expand our support for affordable housing and essential services,” said Liza Fleming-Ives, executive director of the Genesis Fund. “With $1 million dedicated to disability finance, we can continue to expand housing opportunities and stability for people with disabilities. At the same time, the $800,000 in general financial assistance will help us continue to address the housing crisis through partnerships with communities in various stages of project planning and development.”

The U.S. Treasury Department awarded a total of $408.2 million to 357 CDFIs across the country in FY 2024 to boost opportunities in communities facing barriers to prosperity.

“This record-breaking year for CDFI Fund awards comes at a time when Maine urgently needs more affordable housing options,” said Fleming-Ives. “With this funding, Genesis will work hand-in-hand with affordable housing developers, local organizations, and community leaders to meet the housing needs of Maine’s diverse population, including those facing systemic barriers to opportunity.”

Genesis builds its fund through loans from impact investors who receive a return on their investment, and with donations from individuals, organizations, foundations, banks, and other institutions. Local grants and contributions to Genesis made it possible for the organization to apply for an award of this size, as the Treasury Department’s CDFI Fund requires a one-to-one match from private sources.

Genesis will seek to leverage the $1.8 million grant with an additional $8 million of community investment capital, resulting in a total of $10 million in new capital to be deployed for affordable housing. These funds will add to the revolving loan pool Genesis has established to support high-impact affordable housing and community facility projects.

Genesis Board Chair Rebecca Hatfield, president & CEO of Avesta Housing, said she is proud Genesis has received its largest award ever from the CDFI Fund.

“Unwavering support from our investors and donors, combined with the visionary leadership of our board and staff, has enabled Genesis to evolve and grow stronger every year,” she said. “We’re not just financing projects; we are forging pathways to brighter futures for Maine’s communities.”

About Genesis: The Genesis Fund connects communities creating affordable housing and other essential community resources with the capital and expertise they need to overcome barriers to opportunity and prosperity. A nonprofit Community Development Financial Institution (CDFI), Genesis works throughout Maine and in northern New England to make flexible loans, deliver expert project guidance, advance policy solutions, and promote systemic change. We offer impact investing for individuals and institutions to move resources toward community needs. As simply as possible, we make projects happen that otherwise wouldn’t.
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