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LENDING SPOTLIGHTTree StreetsChoice Neighborhood InitiativeLewiston, MaineFinancing a CommunityTransformationLewiston is home to nearly 7,000 immigrants,largely from Somalia, as well as Burundi, Djibouti,Ethiopia and Sudan. The growing immigrantcommunity has made Lewiston one of Maine’s mostvibrant and diverse cities.Yet, a high number of these residents live in poverty,with many adults in low-wage jobs or unemployed.Moreover, much of the housing stock downtown,including the twelve-block area known as theTree Streets Neighborhood, has seen demolition,disinvestment and disrepair, resulting in serioushealth and safety hazards, and the highest incidenceof lead poisoning in Maine.To tackle these urgent housing issues, the City ofLewiston and Community Concepts, Inc. won ahighly competitive planning grant from the U.S.Department of Housing and Urban Development’sChoice Neighborhood Initiative in 2018. With thisfunding, a coalition of local leaders and stakeholdersparticipated in a community-driven process to createa comprehensive plan to transform the Tree Streetsinto a welcoming, livable neighborhood with safe andwalkable streets, green space, and quality, affordable,healthy homes.The Choice Neighborhood Team aims to replace over100 distressed units with new or rehabbed rentalhousing. To do so, flexible capital is needed to buyparcels and replace them.6Enter the Genesis Fund, with its history of providinginnovative, risk-tolerant capital for projects whichoften can’t secure traditional loans. In this case, theTree Street properties’ low valuations and substantialdisrepair made them hard to finance. “However,”notes Nicole Witherbee of the John T. GormanFoundation, “where others saw blight, the GenesisFund saw young families who would flourish if givena chance. They saw a community worth investing inand, without hesitation, brought new capital to bear.”With investment capital and grant funds from theJohn T. Gorman Foundation to offset potential risk,the Genesis Fund committed 2.5M to finance theacquisition, rehabilitation and replacement of criticalhousing sites in downtown Lewiston. So far, GenesisFund financing has helped to secure site control of13 parcels, which could create up to 120 units of newhealthy, safe, mixed-income housing.With the key building sites in hand, the ChoiceNeighborhood Team is prepared to apply for aHUD Choice Implementation grant, which has thepotential to bring 30 million in redevelopmentfunds to the Tree Streets. “Without the Genesis Fundas a financing partner, we wouldn’t have made theprogress we have, and be as well-positioned to apply,”says Misty Parker, Lewiston’s Economic DevelopmentManager. “So much can happen when we’re allrowing in the same direction.”T HE C HOIC E NEIGHB OR HO OD T EA M :City of Lewiston, Community Concepts, Inc., The HealthyNeighborhood Planning Council, Lewiston Housing Authority,Lewiston Auburn Area Housing Development Corporation, andthe John T. Gorman Foundation.

Large-scale rehabilitationand redevelopment bringsthe promise of dramatic newstreetscapes in downtownLewiston (top); youngresidents play in KennedyPark, located in the heart ofthis vibrant community (left).“WE are the people who have a genuine stake in seeing thisneighborhood flourish. WE are the people who will continue towork tirelessly to support the Tree Streets neighborhood,and WE are fully invested in seeing this neighborhood achieveits true potential.”— from the Choice Neighborhood TransformationPlan for Downtown Lewiston. Read the full plan atwww.lewistonmaine.gov7

LENDING SPOTLIGHTMountainside Community CooperativeCamden, MaineOur Tenth Mobile Home ParkCo-Op Conversion in Ten Years!Securing affordable housing in Maine can bechallenging, especially in a place like Camden,where average home prices run between 300,000 400,000, and the median household income is justover 50,000. For many retired, fixed-income, andlow-income Mainers, manufactured home ownershipin a community like Camden’s Mountainside Park isone of the only affordable options.Mountainside’s future was put in jeopardy when thepark owner decided to sell the property – like manymanufactured housing communities, Mountainside residents owned their homes, but not the landbeneath them. Big, private investors often purchasemobile home communities like Mountainside, andeither dramatically increase rents, or evict residentsand redevelop the land.Fortunately, Mountainside’s owner didn’t want to sellto an outside investor, and instead chose to work withthe Genesis Fund – which provided a loan thatallowed Mountainside’s residents to officially purchasethe park, securing housing stability and affordabilityfor the foreseeable future for the 52 households ofthis 55 community. The Mountainside CommunityCooperative now operates the park – and, more importantly, they own the land. Better yet, residents havethe comfort of knowing that they’ll never be forced outbecause of redevelopment, evictions, or rent spikes.Mobile home park cooperative financing is a greatexample of how we can build equity for low-incomeMainers. To date, this type of financing from the Genesis Fund has given over 500 Maine households a moresecure future.“Now that we have a co-op,people know each otherand communicate withone another. It’s a muchbetter atmosphere. Peopleare always reaching out toeach other to see if theycan help one another. It’sbeen very beneficial.”—Paul Harding, Mountainside Resident8

Serving Communitiesthroughout Maine and BeyondACaribou t the end of FY20, our portfolio included 84 loans forprojects throughout Maine, and our first two loans inNew Hampshire! These projects include affordable housing,child care centers, eldercare and living facilities for peoplewith disabilities, homeless individuals, and those in recovery, and other community facilities. We also provided technical assistance services for the benefit of 26 communitiesin Maine and New Hampshire.Presque Isle KEY: LOAN LOCATIONSASSISTANCE LOCATIONSNote: Several projects may be represented by one dot.Stratton Houlton Dover-Foxcroft KingfieldCalaisOld Town North AnsonBangorSkowheganFarmingtonWatervilleEllsworth MachiasBlue orth HavenVinalhavenIsle au PSHIRE ConcordKittery9

Technical AssistanceAffordable Housing & CommunityDevelopment Expertise SupportsMaine NonprofitsTECHNICAL ASSISTANCEFY20 T A2,418 hours to 24 projects23,320 hours to 330 projects since 1992FY20 T A IMPACT1,598 beneficiariesFor 28 years, the Genesis Fund hasserved as a creative and collaborativepartner, helping local nonprofitorganizations develop and advance plansto build, expand and preserve affordablehousing and community facilities.The Genesis Fund’s staff draws on decadesof community development experienceto assist nonprofit organizations withaffordable housing and community facilityprojects. Technical assistance servicesinclude helping to develop project plans,conduct feasibility studies, create financialprojections, find additional sources offunding, and write grants. This assistanceis provided at low or no cost to thecommunity organizations being served.In the past year, the Genesis Fundprovided technical assistance to projectsin all four corners of Maine and beyond,from rural northern and western townsto southern urban centers, and island andtribal communities.10FY20 CLIEN TS & PROJECT LOCATIONSCommunity Development Services – Concord, NHKennebec Valley Community Action Program – SkowheganKnox County Homeless Coalition – RockportMarble Block Redevelopment Corporation – BiddefordMidcoast Habitat for Humanity – RocklandMid-Coast Recovery Coalition – RocklandNorth Haven Sustainable Housing – North HavenPenobscot Nation – Indian IslandSenior Housing at the Marketplace – AugustaSunrise Opportunities – CalaisVolunteers of America Northern New England – BiddefordYork County Shelter Programs, Inc. – AlfredWaterville Housing Authority – WatervilleFY20 COMMUNITY DEVELOPMENTINITIATIVESMobile Home Community Infrastructure ImprovementsOversight and management of infrastructure repairsaddressing critical health and safety needs at six residentowned mobile home communities. Funded through a CDBGGrant, this work will benefit over 226 predominately lowand very low-income households in Maine.Rural Housing PreservationOngoing consulting and project development work, inconjunction with USDA Rural Development, to preserve upto 358 units of affordable rental housing in 11 rural Mainecommunities.Wabanaki Housing & Community DevelopmentWork with the four Native American tribes in Maine to helpprepare plans and funding proposals for critical Wabanakihousing and community development projects.

TECHNICAL ASSISTANCE SPOTLIGHTPenobscot Elder HomesIndian Island, Maine“A Beautiful, Well-Built Placeon the River.”One of the first things you notice when enteringthe Penobscot Elder Homes is the view of thePenobscot River flowing past large windows. The riveris more than a pretty scene; it’s been the lifebloodof the Penobscot tribal community for millennia.It’s also a fitting place for the Penobscot Nation’snewest residences: 24 spacious and airy one- and twobedroom apartments for tribal members who wish toage in place in the heart of the island community.This brand-new building is the result of a four-yeareffort led by the Penobscot Housing Departmentto create safe, affordable housing options for thegrowing number of aging Penobscot citizens, and toalleviate overcrowding on the reservation.When the Penobscot Housing Department conceivedof the building, it turned to trusted partners,including longtime collaborators Four DirectionsDevelopment Corporation, a Native AmericanCommunity Development Financial Institution(NCDFI), and the Genesis Fund. In the early stages,the Housing Department wanted assistance withsite planning and feasibility. The Genesis Fundprovided funds from a USDA Rural CommunityDevelopment Initiative grant to pay for the initialplanning, and helped secure funding and facilitateproject management over time. “This is an exampleof what a strong partnership can produce. We workedclosely with the Genesis Fund’s knowledgeable andconnected problem-solvers to add real value,” notesFour Directions’ Executive Director Susan Hammond.Members of Penobscot Indian Nation gatheredwith friends, supporters and community membersin January to celebrate the grand opening of the24-unit Penobscot Elder Homes.Four years later, Penobscot Elder Homes is a reality,offering tribal elders independent living combinedwith services, such as senior meals, and amplecommon space for cultural events, entertainment,and social gatherings for residents and the communityat large. Penobscot Housing Director Mike Bushrecalls, “The Genesis Fund was always there, throughall the gyrations. From the design process throughproject management, they brought resources, skills,and patience that gave us confidence at every stage.”Reflecting on the project outcome, Bush is proud ofthe work of the Tribe, the Housing Commission, andmany partners to provide the community’s elders “abeautiful, well-built place on the river.”WA B A N A K I PA RT N E R S H I PThe Genesis Fund has a longstanding commitmentto supporting Native communities in Maine to helpaddress the housing needs of their members. Thereare four Native American tribes in Maine, collectivelyknown as the Wabanaki, with 8,700 members. Wehave worked in partnership with Four DirectionsDevelopment Corporation (the only Native CDFIin New England) and the Wabanaki communitiesfor over 20 years, providing technical assistance tosecure resources for the development of communityfacilities, such as eldercare and affordable housing.We are proud to stand with Wabanaki Tribes as theydesign solutions to meet needs in their communities.11

TECHNICAL ASSISTANCE SPOTLIGHTAffordable Rural Housing PreservationState of Maine and BeyondConfronting a Hidden Threatto Rural HousingRaise your hand if you’ve heard of the U.S. Department of Agriculture’s Section 515 program.If you haven’t, you’re not alone. The 515 rural rentalhousing program is a little-known but crucial lifelinefor more than 8,000 Maine households with lowincomes, and hundreds of thousands of others acrossthe country. In the 1970s, through the 515 program,the USDA began financing the development of rentalhomes so that low-income residents in rural Americacould afford a decent place to live. The USDA madelow-interest, long-term mortgages to landlords to buyor build rental housing, and provided rental assistanceto tenants to make their homes affordable.Today, many of those mortgages are close to maturing,and the original owners are aging and looking to sell,putting these important properties at risk of losingtheir affordability, and putting the tenants at risk oflosing their rental assistance.Lester Hersey is one such seller. He and his wife haveowned two properties in Aroostook County since the1980s, and they’re ready to retire. The Herseys careabout their community, and would like to keep their32 apartments affordable for their tenants, many ofwhom are senior citizens or have a disability. Lesterexplains, “The biggest worry on my mind is how thetenants would feel if the apartments were sold on thecommercial market.”12A couple of years ago, Lester began working with theGenesis Fund to find suitable buyers, and navigatethe steps toward a sale that would meet his needs andthose of his tenants. Today, success is near. “Findinga local nonprofit that wanted to buy our Living EasyEstates in Mapleton was something that never crossedour minds,” Lester recalls. “[The Genesis Fund] couldsee what I never could have imagined an opportunityto assist two different organizations to accomplish agoal that they didn’t realize was even on the horizon.”For Lester and other 515 sellers and buyers, the Genesis Fund can step in with in-depth advice, assistanceand financing to make sure that this essential housingfor rural Maine communities is not lost. Says Lester,“I would like to thank the Genesis Fund. They havebeen very good partners in our joint goal of keepingthe seniors and people with disabilities in affordablehousing.”NEW STATE FUNDING FORAFFORDABLE HOUSING IN MAINEThrough our work with the Maine AffordableHousing Coalition, the Genesis Fund is drawingattention to this looming crisis for ruralcommunities. This year, we helped lead an effort tocreate a new affordable housing tax credit for thestate of Maine that sets aside funds up to 8 millionover the next eight years to preserve USDA 515properties. This funding will help to retain up to 500units of affordable rental housing in rural Mainecommunities.

FarewellHonoring OurOutgoing ExecutiveDirector, Bill FloydOf the many Genesis Fund milestones this past year, one was verybittersweet: the retirement of our long-time Executive Director,Bill Floyd. Bill’s twelve years at the Genesis Fund were the capstone of anexceptional 40-year career dedicated to developing housing and servicesfor people with very low incomes and individuals with disabilities.Before joining Genesis, Bill directed efforts to provide housing andsupportive services for people with serious mental illness, both in stategovernment and for Shalom House, a Portland-based nonprofit. Duringhis tenure at Genesis, he oversaw a period of remarkable growth, duringwhich our total assets grew from 4M to over 27M, and our community investment footprint expanded to include projects in every corner ofMaine and beyond.Throughout his career, Bill’s dedication to his work, combined with hisgenerosity of spirit, sense of humor, and ceaseless efforts to lift up thosearound him – in the workplace and in life – have made him so importantto all of us: his co-workers, peers and friends. We salute Bill’s many accomplishments, and wish him all the best in his retirement!WelcomeNew StaffMark PrimeauJohn GallagherSenior BusinessDevelopment OfficerAfter retiring as Director of MaineHousing, John joined the GenesisFund team to assist with a variety of organizational initiatives,including assisting rural propertyowners with transferring ownership. John joined MaineHousing in1996 as a multi-family loan officer,and soon became the departmentmanager. In 1999, John became theExecutive Director of WestbrookHousing. In 2012, John returnedto MaineHousing as Executive Director. He is now semi-retired andowns JJG Consulting, a businessconsulting firm.Jennifer Ritch-SmithLoan AdministratorJennifer supports all aspects of loanunderwriting, closing and servicing, and ensures the accuracy ofloan information. Prior to joiningGenesis Fund, Jennifer spenteight years at Howe Cahill & Co,where she worked with nonprofitsto support legislative initiatives.Additionally, she worked for theInsurance & Financial ServicesCommittee in the Maine StateLegislature. Jennifer has over adecade of experience supportingpublic education in the Midcoastarea. As a researcher, she worked oncommunity needs assessments thatinformed strategic planning andinvestments in areas ranging fromaffordable housing to family support services. She currently serveson the RSU 1 school board.Senior Program OfficerMark leads the Genesis Fund’stechnical assistance program andprovides assistance to organizations with projects across Maine.Mark moved to Maine in 1991 topursue an MBA, and never left. Hehas over 20 years of work-relatedexperience in real estate development and management, with afocus on affordable housing. Priorto joining the Genesis Fund, heserved as the Executive Directorof Habitat for Humanity/7 Rivers.Mark resides in Yarmouth, wherehe serves as the President ofYarmouth Senior Housing.13

Community Investment ProgramYour Investment Creates Local Impact — and a Financial ReturnThe Genesis Fund provides a unique opportunity forpeople to become partners in our work by investing aportion of their assets in support of local communitydevelopment in Maine and Northern New England.Every dollar invested builds our portfolio of loansto create and preserve affordable housing, expandcommunity facilities, and help our local communitiesthrive.A Genesis Fund investment is a fixed-income productthat blends financial and social returns, making it easyfor an investor to align their investment strategy withtheir values. Most of our impact investors are everydaypeople with a shared interest in making a differencein their community, while enjoying a modest financialreturn on their investment.FY20 INVESTMEN T DATATotal investors: 149Total invested capital: 19,587,574Residents of Charter Oaks Village, a newlyformed resident-owned cooperative,celebrate the purchase of their mobilehome community with financing from theGenesis Fund.Investor Spotlight: The Manahan Family“When my husband and I were ready to make an investment, we were looking forone we could believe in. I was excited when I heard about the Genesis Fund, whichoffered a cr

personal success in a safe, supportive and sober environ-ment. Mid-Coast Recovery Coalition ROCKLAND 100,000 Construction Loan To renovate The Friends House, a transitional recovery residence providing short-term housing and support for low-income men, enabling the organization to increase the residence's capacity from 4 to 12 residents.