About the Fund

Growing Our Future From Within

About the Fund

Who Is The Penobscot Housing Fund?

The Community Health Leadership Board (CHLB), Maine Affordable Housing Coalition (MAHC), and Bangor Savings Bank are partnering with the Genesis Fund, a 30-year-old Community Development Financial Institution (CDFI) in Brunswick, Maine, that focuses on funding affordable housing.

The Penobscot Housing Fund Targets:

  • Direct subsidy and below-market debt funding to help with non-vertical construction costs, such as land acquisition, infrastructure, demo/site prep, and pre-development.
  • Projects that take advantage of the Affordable Housing Density Bonus standards, prioritize infill/ADU projects in residential areas, and projects that are in designated growth areas.
  • Rental projects suitable for residents with up to 100% of the area’s median income (AMI), with a focus on 60-80% of projects that don’t qualify for existing low-income housing tax credits.
  • Smaller, higher-density projects suitable for residents with a maximum income of 120% of the area’s median income (AMI).
Jay Muth Vice President, Community Development and CRA Officer