Frequently Asked Questions

The Community Health Leadership Board (CHLB), Maine Affordable Housing Coalition (MAHC), and Bangor Savings Bank are partnering with the Genesis Fund in Brunswick, Maine, that focuses on funding affordable housing. These groups are bringing together a core group of public, private, and institutional partners to establish a new pilot Housing Fund to accelerate new housing developments in Bangor and surrounding communities in Penobscot County.

To sustain Maine’s economy, 5,000 new workers are needed in the State annually to offset retirements from our aging demographic. The primary limiting factor for this growth and sustainability is a lack of housing supply. In Penobscot County’s Bangor Labor Market, to simply maintain our current economy, the Bangor region needs 300 additional housing units per year. This new housing can serve older adults that want to downsize from their current home or to recruit new workers. The Penobscot Housing Fund seeks to entice current and new developers to expand their operations to create this needed supply of housing.

The Penobscot Housing Fund replicates a $10 million fund launched in 2022 by a group of businesses and organizations in Northern New Hampshire to accelerate housing development in that region. Read more about that initiative.

The CHLB and MAHC commissioned a feasibility study for the Penobscot Pilot Housing Fund covering the Bangor Labor Market Area thanks to funding from Bangor Savings Bank, Northern Light Health, and the City of Bangor. The consultant hired for this study, David Versel, currently with ConsultEcon, Inc. had also recently conducted housing studies across Penobscot County for the Maine Development Foundation.

Key findings:

• A decrease in the number of working-age adults in the next 5 years
• Strong demand for rental and home ownership properties
• Funding gaps exist that prevent the feasibility of developing the needed supply of housing

Specific recommended uses for the pilot Penobscot Housing Fund that will achieve the goal of accelerating housing development to meet demand and sustain our economy include:

• Land acquisition
• Infrastructure
• Predevelopment costs
• Below-market rate loans
• Support rental and homeownership development

Businesses, institutions, philanthropic organizations, and individuals that care about the sustainability of our region’s economy can invest in this fund to accelerate housing development in Penobscot County.

Genesis Fund will manage the fund and provide investors a return on their investment.

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

Genesis Fun will manage the fund and provide investors a return on their investment.