Across Maine, hundreds of apartment buildings originally financed through USDA Rural Development’s Section 515 program are approaching a critical point: as long-term mortgages expire and owners prepare to sell, the affordability protections tied to these properties are at risk of disappearing.

Genesis works with the USDA to prevent that outcome by transferring properties to nonprofit and public housing organizations. We guide landlords who no longer want to own their properties but want them to remain affordable. One of the tools that makes that possible is Maine’s State Affordable Housing Tax Credit, which can help improve properties and preserve affordability.

In Orono, Main View Apartments had long provided older residents in the community with affordable housing. But when the owner began planning to sell, residents faced the potential loss of federal rental assistance—until Genesis provided the support and financing to transfer ownership to the Housing Authority of the City of Old Town, thereby preserving affordability.

A similar effort in Mapleton, a rural town in Aroostook County, preserved 12 homes for low-income seniors and families. The property’s longtime owners, Lester and Debbie Hersey, wanted to retire but were committed to keeping the apartments affordable. With Genesis support, Presque Isle Housing Authority was able to purchase the property and make improvements.

With over 7,600 similar homes across Maine, preserving these rental properties is essential in rural communities where they’re often the only affordable option. We’ll continue leading the collaborative effort to keep them from being sold on the commercial market, so they stay accessible and affordable.