Brunswick-based Genesis Fund gets $1.8M for affordable housing, disability services
PHOTO / COURTESY, LEWISTON HOUSING AUTHORITY
Lewiston’s Tree Streets initiative — including the development of Wedgewood apartments — is one of the projects aided by the Genesis Community Loan Fund.
The Genesis Community Loan Fund of Brunswick has been awarded $1.8 million by the U.S. Treasury Department’s Community Development Financial Institutions Fund.
It was the largest award Genesis has ever received from CDFI’s financial assistance funding round, according to a news release.
The award includes $1 million specifically for projects benefiting people with disabilities, the maximum grant amount possible from that pool.
Genesis was one of 14 recipients nationwide to receive the disability finance funding.
The money will allow Genesis to expand its support for affordable housing and essential services, said Liza Fleming-Ives, the organization’s executive director.
“With $1 million dedicated to disability finance, we can continue to expand housing opportunities and stability for people with disabilities,” Fleming-Ives said.
“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.”
With more than $60 million in total assets, Genesis provides financing and 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 health care access.
Genesis was one of five Maine-based CDFIs to receive funding from the Treasury Department’s CDFI fund in the latest round.
“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.”
Across the country, the Treasury Department awarded a total of $408.2 million to 357 CDFIs in the 2024 fiscal year.
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 made it possible for the organization to apply its award, since the 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. The funds will add to the revolving loan pool Genesis has established to support high-impact affordable housing and community facility projects.
In the news release, Genesis said that since 1992 it has:
- Originated nearly $96 million in loans that have helped create affordable housing, food pantries, child care and health care facilities.
- Leveraged an additional $600 million from other institutions and individuals into community projects. One example is Lewiston’s Choice Neighborhood Initiative.
- Made loans to over 346 different projects: When borrowers repay their loans, the funds become available again, revolving into new loans.
- Provided more than 29,000 hours of guidance to help communities explore needs, analyze data, find funding, perform feasibility studies and financial projections, and introduce project planners to developers.
- Guided and advised 441 community projects.
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