[yrhcworking] Fwd: The Lending Hand e-newsletter
Mlongreene2 at aol.com
Mlongreene2 at aol.com
Sun Jan 6 07:15:09 EST 2008
Good morning all, I think you will find the Monhegan article of great
interest as to some of the possibilities. This also is basically a land lease
model. YRHASC might contact these folks for more info on their selection
process and financial requirements? Check with Alden as he is working on some
aspects of this for us.
____________________________________
From: info at genesisfund.org
Reply-to: heidi at genesisfund.org
To: mlongreene2 at aol.com
Sent: 1/4/2008 1:45:51 P.M. Eastern Standard Time
Subj: The Lending Hand e-newsletter
January 2008 What's New at Genesis
* _The Genesis Fund goes green_ (mip://040d6938/default.html#article1)
* _Another affordable home on Monhegan helps stabilize year-round
community_ (mip://040d6938/default.html#article2)
* _New year brings higher interest options to Genesis investors_
(mip://040d6938/default.html#article3)
* _Support Solutions acquires supportive home in Minot with Genesis
Fund loan_ (mip://040d6938/default.html#article4)
Interesting Links
* _Article on Holbrook's Wharf in Fed. Reserve's Communities &
Banking_
(http://rs6.net/tn.jsp?e=001vR4B6KQcmnP4MpsEmYJNhEd6nv0QqFJu3wiiCqOkTs9wOZPi7IQlstDEnL25mVKDalEMBdBvMaWe7AYRag3Z4ejv0Uht3PW9NirQqmBAS2mwU8eUIyXsu-p0k6SJOYu
xUppSWXDRFNSC8UDKuO7oI4xKm5i1cZWM43c6Kgzj1loMSzz-SZOYotQ7MWqGSjVy)
* _Visit our slide show highlighting Genesis Fund projects_
(http://rs6.net/tn.jsp?e=001vR4B6KQcmnNu3Vfx465DOYFpSsedMJvvY4-wwRBAf7VyGJ5S0D5Tv3PuDJWPt
cZS7_Kz0vqPr9zQH4l-ph2qtPnC-uAG-K_8vfy6IMnDNb6lEWuYnIjvJ1PupxxliNqx2Wa5Dnu_i1y
M6vqAMKUVBZgZS-b8QRni)
* _Today's news about affordable housing in the U.S._
(http://rs6.net/tn.jsp?e=001vR4B6KQcmnNriTmbddl4KMgaHYffuzVGoV-Ayu_bEgbFKp8NpC6juYigvtwQ2O7-GR1
turl7pcU_9sOWtk0KQj90uJXaLmGnICs7vQowsvS4rGyx63faPara3P7-cFM6AHuiLwG6oAU=)
* _2007 Genesis Fund Annual Report on-line_
(http://rs6.net/tn.jsp?e=001vR4B6KQcmnMU2UMBSvTp-XOFkizkM5eMFdxxtr380GKtjw2YY2sDAt02GWo_vCMaOoQeripIyz_zX
eP47bS074ZmX_L2WXP12WasfG2ynRmI-MKbJhUPyuk19B_2KVhJoc_Xc9wcejEIfREEKtnXZA==)
* _Genesis Fund's Bill Floyd named Carsey Fellow_
(http://rs6.net/tn.jsp?e=001vR4B6KQcmnOGg39Ge0BpqTa5i0YAL6WseGmNThiWxvJ7RRwyy__pTj0GqdwLyFVIkLw5P-V
G1lPWSotj_mHAtnmebzFjuDUSCZihtg1pLm4GZvYJRIuLsq4B2evxriO2BmE7o5oiliy75hEnuXNiU
fZVuiDJuW1fIP_-N6zYWZv0sOkIZrOWqLNT-TU5WmW7q2u78qkeCGPTa01agB31Z9eTaI9mFATxSR-
1SyQBKbc=)
Join our list
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The Lending Hand e-Newsletter
The Genesis Fund
Our mission is to help Maine nonprofit groups working to create affordable
housing and other economic and social opportunities in their communities by
offering innovative financing, expert assistance, and help in leveraging
other sources of funding.
The Genesis Fund goes green
An energy audit/green loan program helps nonprofits renovate facilities
(http://rs6.net/tn.jsp?e=001vR4B6KQcmnNtjWT4U08Wk6RaLwOmWRIU9lXMNG2s9L0kbjMXHff8f-wtlHZqzbE_IvHKvtUbZnzXhsrZzevsh83NPVQcfmYh0RIWSs8h2FALbj_GN_g-m2eWTShHGAs
a-SuFKEXh4U4=)
In partnership with one of Maine 's leaders in energy efficiency, Horizon
Energy of South Portland, the Genesis Fund now offers a program to help Maine
nonprofit organizations bring energy efficiency to their facilities, help
save money on fuel costs, and help the environment by reducing fuel use and
emissions.
Here is how it works: First Horizon Energy will conduct an energy audit to
determine where savings can be achieved and provide a list of pre-screened,
local contractors qualified to do the work. Then the Genesis Fund will walk
organizations through a simple and inexpensive loan process to fund
renovations with below market financing. When the renovations are completed, Horizon
Energy will conduct a second audit to confirm the quality of the work.
"This green loan program will be very helpful to many affordable and
supportive housing agencies that own group homes and multi-family housing built in
the 1970s and 1980s," said Bill Floyd, executive director of the Genesis
Fund. "Rising energy costs can throw off an organization's budget that is
already tight. By working with Jon Riley at Horizon, we'll be able to help by
identifying the cost-saving efficiencies and providing the low-cost funding to
achieve them."
Other nonprofit organizations that assist underserved Mainers, such as
churches, often have facilities that could benefit from an energy efficiency
renovation and are welcome to contact the Genesis Fund about the program.
If you represent a nonprofit that might be interested in the Genesis Fund's
green loan program, please contact Bill Floyd at _bfloyd at genesisfund.org_
(mailto:bfloyd at genesisfund.org) or 207.563.6073.
_Read the full story - and what the audit includes_
(http://rs6.net/tn.jsp?e=001vR4B6KQcmnNtjWT4U08Wk6RaLwOmWRIU9lXMNG2s9L0kbjMXHff8f-wtlHZqzbE_IvHKvtUbZnz
XhsrZzevsh83NPVQcfmYh0RIWSs8h2FALbj_GN_g-m2eWTShHGAsa-SuFKEXh4U4=)
Another affordable home on Monhegan helps stabilize year-round community
(http://rs6.net/tn.jsp?e=001vR4B6KQcmnNjwJO0rTtB-lv7BrmZA2_YlDoxIwpKr2VVrniyIPOIKQe5REZTJXc4R8gq8Dwbd0LXJY7hG2N-z22hQV1B94l4lBw4Qwr6W_rMcgekoiaXekx7ac4v61P
3Ue4jGenUlps=)
The November sale of another house to year-round Monhegan residents marks
the fifth affordable home developed by the Monhegan Island Sustainable
Community Association (MISCA) since its founding in 2002. With the success of the
latest project, Richard Farrell, president of MISCA, commented, "The critical
start up period for MISCA has reached a successful end as we have helped
stabilize the winter population by helping to provide affordable year-round
housing for existing residents who have spent many years on the island."
The latest home is a summer cottage on Horn Hill overlooking the village.
To help make the sale possible the owner discounted the property from the
market price of $525,000 to $375,000. With a $25,000 Genesis Fund-administered
Islands Challenge Grant, $25,000 from the Island Institute's Affordable Coast
Fund, $125,000 from MISCA's New Projects Fund, and donations from three
private sources, MISCA was able to purchase the house at one of the lowest sale
prices seen on the island in several years.
As with other MISCA projects, the organization will retain title to the
land to ensure that the house remains affordable to year-round island families
in perpetuity. Because the summer cottage must be winterized, its new owners,
Rich Shay, a salesman for a marine supply company via the Internet (the
first island resident to have a full-time Internet job) and an experienced
builder, and Chris Cash, a lobsterwoman, purchased the cottage from MISCA for
$20,000 and will invest $100,000 to winterize the property. According to
Farrell, "Chris and Rich have construction skills and extended family that will
ensure their success. The Monhegan community is particularly excited to have
this young married couple settle on the island. They are extremely
enthusiastic community participants."
Congratulations, MISCA!
_please read the full story..._
(http://rs6.net/tn.jsp?e=001vR4B6KQcmnNjwJO0rTtB-lv7BrmZA2_YlDoxIwpKr2VVrniyIPOIKQe5REZTJXc4R8gq8Dwbd0LXJY7hG2N-z22hQV1B94l
4lBw4Qwr6W_rMcgekoiaXekx7ac4v61P3Ue4jGenUlps=)
New year brings higher interest options to Genesis investors
With more than $2 million in loans to Maine nonprofits serving their
neighbors and by providing expert assistance to more than two dozen community
groups, the Genesis Fund will experience its busiest and biggest fiscal year ever
in 2008.
Beginning January 1, in appreciation to our individual investors and in
hopes of convincing some of our many donors to become investors, the Genesis
Fund is now offering higher interest rates to those willing to invest funds in
our revolving pool of capital. The rates will be highest for investments
committed for longer terms.
"With several loans in the pipeline for early this year, the need for more
capital to lend to help Maine's nonprofits do good work in affordable housing
and community development is more important than ever," said Bill Floyd, the
Genesis Fund's Executive Director.
"Also, as we roll out our two new initiatives - providing green loans for
nonprofit facilities and assisting mobile home park residents organize
cooperatives to purchase their mobile home parks - we will need more private
investments for longer terms so we can make long-term loans to these groups," he
explained.
The old investment schedule allows for investments of $1,000 and up for at
least one year. The investor may choose an interest rate from 0% to 2.25%.
As of January 1, 2008, those who invest (or reinvest a current investment)
will be offered the following terms:
Investments of 1 to 3 years - 0% to 2.5%
Investments of 4 years or longer - 0% to 3.5%
With the Genesis Fund's 100% rate of repayment to investors and 0% default
rate from more than 100 borrowers since 1992, our investors know that their
investment is both safe and doing the good work of serving our neighbors in
communities across Maine.
Interested in investing funds in our revolving pool of capital at our new
rates? Call Bill Floyd at 563-6073 or click the link below to read more about
supporting the Genesis Fund.
_More on investing in the Genesis Fund_
(http://rs6.net/tn.jsp?e=001vR4B6KQcmnMIJ2FuAzNPXW7oRVhq2tiSAXv5plsTs46_2spGhabsA6r0fDdrhQnyW3r6YTOE8VFQ9fAaWgVYkux
bCZNKQXV9bGjAkLOmtoZZ6WU8RKKDBmAm2ETmiOiSy5p8HiM4Ixw=)
Support Solutions acquires supportive home in Minot with Genesis Fund loan
In mid-December Support Solutions, a nonprofit agency in that serves those
with developmental disabilities and mental health challenges in Androscoggin,
Oxford, Kennebec, Cumberland, and York Counties, used a $69,200 loan from
the Genesis Fund to acquire a single-family manufactured home in Minot to
provide housing and supportive services to an individual with developmental
disabilities. Support Solutions has determined that the rural and private
location of the property is a good setting for the challenges of the resident.
Support services, including the supportive housing provided, is subsidized
through the Department of Health and Human Services.
_please read the full story..._
(http://rs6.net/tn.jsp?e=001vR4B6KQcmnNKlozc9oAN-ezhj7OKt0bqpzt7HdeQq1EOi5P_ezAhYH3Y2LwM8-zzBabFKJcXUv6mvHJc9SINGn8TH12109T
kxYDV1LsYKhcbGr0N5j2TwPUyAZu1CVG-cE_OhHy61aQyDirJJMLW-w==)
____________________________________
Questions about The Genesis Fund?
What are the borrowing criteria?
How can I invest in The Genesis Fund?
Can our organization receive technical assistance?
Please visit our website at _www.genesisfund. org_
(http://rs6.net/tn.jsp?e=001vR4B6KQcmnPaOqpvfpvZtsdHQVdeIHbDvyUwTHFWYj6JqNnTErlY66sktXDyjroQITdJAbooJK6o
ImnVqSP4gPp73GzMUsSPrRky003ZcM1FSqAREdy_9A==) or
email Executive Director _Bill Floyd_ (mailto:bill at genesisfund.org)
Genesis Community Loan Fund
____________________________________
Email: _info at genesisfund.org_ (mailto:info at genesisfund.org)
Phone: 207.563.6073
Fax: 207.563.6055
_www.genesisfund.org_
(http://rs6.net/tn.jsp?e=001vR4B6KQcmnPaOqpvfpvZtsdHQVdeIHbDvyUwTHFWYj6JqNnTErlY66sktXDyjroQITdJAbooJK6oImnVqSP4gPp73GzMUsSPrRky003ZcM
1FSqAREdy_9A==)
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Genesis Community Loan Fund | 26 Water Street | P.O. Box 609 | Damariscotta
| ME | 04543
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