Genesis Fund receives $1.165M grant to support affordable housing
The Genesis Community Loan Fund, a Brunswick-based lender, was awarded $1.165 million through the U.S. Department of the Treasury’s Community Development Financial Institutions Fund.
The funding will support development of affordable housing and community facilities in low-income communities and is awarded through the Capital Magnet Fund.
Founded in 1991, the Genesis Fund provides innovative financing and expertise to Maine nonprofits. As a certified Community Development Financial Institution, it has loaned more than $40 million to more than 200 projects throughout Maine helping single parents and their children, low-income working families, the elderly, homeless individuals and people with disabilities.
U.S. Sens. Susan Collins, R-Maine, and Angus King, I-Maine, announced the award in a news release. “By providing Maine’s nonprofit organizations with financial support and technical assistance, the Genesis Fund plays a vital role in assisting our state’s most vulnerable individuals and families in finding affordable housing,” Collins and King said. “This important funding will help connect Mainers with the resources they need to achieve economic independence.”
The CDFI Fund, established by the Riegle Community Development and Regulatory Improvement Act of 1994 as a bipartisan initiative, was created to promote economic revitalization and community development through investment in and assistance to CDFIs.
Last month, Collins and U.S. Sen. Jack Reed, D-R.I., chairman and ranking member of the Housing and Urban Development Appropriations Subcommittee, sent a letter to the Federal Housing Finance Agency director, urging continued funding of the Capital Magnet Fund.
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