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Genesis Community Loan Fund wins NEXT Award for Innovation

Damariscotta -

DAMARISCOTTA, Maine — The Genesis Community Loan Fund (Genesis Fund), based in Damariscotta, Maine, was recently awarded the Wachovia Wells Fargo NEXT Innovation Award of $25,000. Received at the Opportunity Finance Network Conference, the award highlighted the Genesis Fund’s affordable housing work in Maine Island Communities. “We are proud to receive this national recognition for our innovative approach to creating affordable housing and community facilities in Maine,” said Bill Floyd, Executive Director of the Genesis Fund. “Our island work illustrates the creative, collaborative, and effective solutions the Genesis Fund brings to underserved Maine communities,” Floyd continued.
In 2004, the Genesis Fund launched a program to support development on the 14 Maine islands that sustain year-round communities. For generations, these communities have been home to Maine’s fishing and lobstering industries, but lacked affordable housing. Genesis Fund’s work resulted in new housing and led the island organizations to work together on a collective approach to securing resources to help sustain their communities. In 2010, the Genesis Fund realized that a significant new source of capital was needed for the islands to build scale in their affordable housing efforts. The Genesis Fund encouraged island communities to work with the Maine Affordable Housing Coalition (MAHC) to advocate for the largest affordable housing bond in the state’s history. With Genesis Fund Executive Director Bill Floyd acting as chair of MAHC, the legislation authorized up to $50 million in bonds, of which $2 million was allocated to support the islands.
The Genesis Fund was one of four Community Development Financial Institutions (CDFIs) nationwide to receive a grant from the annual Wachovia Wells Fargo NEXT Awards. The Opportunity Finance Network (OFN) is a national network of community development financial institutions investing in opportunities that benefit low-income and underserved communities across America. Since 1992, The Genesis Fund has provided over $18 million in innovative financing to create affordable housing and vital community facilities throughout Maine. Learn more about the Genesis Fund here www.genesisfund.org and the Opportunity Finance Network here: www.opportunityfinance.net. For more information, call 563.6073 or email jane@genesisfund.org

For More Information:

Contact Name: Jane Irish

Telephone Number: (207)563-6073

Website: http://www.genesisfund.org

Email: jane@genesisfund.org