Genesis Fund aims to help developers get access to MaineHousing funding
Photo / Courtesy Flax Studios
Genesis Executive Director Liza Fleming-Ives visits a project under development.
The Genesis Community Loan Fund, a nonprofit community development financial institution in Brunswick, has been working with MaineHousing since January 2023 to help increase Maine’s supply of high-quality, energy-efficient affordable homes.
“Helping communities develop project plans and bring together resources is at the heart of what Genesis does — and has done with great results for over 30 years,” said Genesis Executive Director Liza Fleming-Ives.
The Genesis team contributing to the project collectively has decades of experience in affordable housing development, funding and finance as well as extensive networks within the affordable housing community in Maine.
Mainebiz asked Fleming-Ives how the partnership with MaineHousing works and about its outcomes so far. Here’s an edited transcript.
Mainebiz: What does the contract with MaineHousing entail?
Liza Fleming-Ives: Genesis has partnered with MaineHousing to guide smaller-scale developers, community groups, and municipalities in Maine to develop project plans and help them access MaineHousing resources to build affordable housing. Two programs we’re focused on are the Rural Affordable Rental Housing Program and the Affordable Homeownership Program.
MB: What have you been hearing about the need for this guidance?
LFI: We’re hearing from communities around the state about the lack of affordable housing and the need for assistance in putting projects together and accessing funding.
Through this partnership, we’re working to connect communities to information and resources. We’ve provided workshops from Kittery to Presque Isle to share information about the housing development process and how to access funds through MaineHousing. From those sessions, we’ve heard from developers and community groups about specific projects ideas, and we’ve followed up with customized support.
MB: How much interest is out there?
LFI: In just two years, we’ve responded to over 100 Maine developers and communities interested in learning about the development process and funding opportunities. We continue to assist a number of developers in their next steps.
MB: What are the next steps?
LFI: After funding has been committed to projects, we help developers navigate final project planning and funding approvals to get under construction. Six developers currently have funding committed through MaineHousing’s Rural Affordable Rental Housing Program, and are developing final plans for projects in Rockport, Sanford, Newcastle, Hallowell, Waterville and Rumford.
MB: Are MaineHousing programs attracting newer developers?’
LFI: Yes. We’re seeing developers who haven’t done affordable development before and haven’t worked with MaineHousing but have experience building market-rate housing. They want to learn how to put together affordable housing projects and contribute to addressing the housing needs they see in their communities. We are pleased to be building capacity among developers who haven’t done this work before.
We’re also seeing new housing in communities that haven’t seen much or any affordable housing development in the recent past.
MB: Is there typically a local connection in this sector?
LFI: It’s a mix. There are developers working in the community or region where they live who are very aware of housing needs. Others are looking at communities where housing is needed and finding opportunities to make projects happen.
MB: What’s an example of that local connection?
LFI: There’s a family company based in Sanford that Genesis connected with at an information session we offered in York County. They had experience with market-rate housing and commercial development and were interested in how they could contribute to building affordable housing. Now, a year later, they’ve been awarded MaineHousing funding to build 18 affordable apartments in Sanford.
MB: What else is making your partnership with MaineHousing successful?
LFI: As a community lender for over 30 years, Genesis knows that projects cannot move forward without funding. Maine is fortunate that Gov. [Janet] Mills and the Legislature have committed essential resources to create affordable housing — that’s key to the success of this partnership. By connecting those who can create affordable housing to the resources they need, we can create vibrant, prosperous Maine communities. And that’s exciting.
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