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).