Midcoast loan fund nets $25K grant
The Genesis Community Loan Fund in Damariscotta has received a $25,000 grant and award from Wachovia Wells Fargo for its work developing affordable housing for members of the state's fishing and lobstering industries.
The fund was one of four community development financial institutions across the country to receive a grant from the Wachovia Wells Fargo NEXT Awards for Opportunity Finance, according to a press release. Genesis Community Loan Fund received the award for innovation for its program, launched in 2004, that supports new housing developments on the 14 Maine islands with year-round communities. In 2010, the Genesis Fund worked with the Maine Affordable Housing Coalition to advocate for a $50 million affordable housing bond, $2 million of which was allocated to support the islands.
Opportunity Finance is a network of community development financial institutions, which provide lending opportunities to rural and low-income communities. The awards are funded by a $16.75 million grant from Wachovia Wells Fargo Foundation and a $25 million loan from the MacArthur Foundation.
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