Initiatives will create, rehabilitate or preserve 84 affordable housing units in Maine
Camden, Maine, January 19, 2017 –The Federal Home Loan Bank of Boston announced in December that it would distribute $17.5 million in subsidies to finance 13 affordable housing initiatives throughout the state of Maine. Camden National Bank was recently awarded direct subsidy funding for three of the 13 initiatives, which will provide nonprofit organizations with a total of $2,250,000 to develop or renovate affordable housing throughout the state, representing 84 units.
“We believe that community partnerships play an integral role in our business success,” said Greg Dufour, President and Chief Executive Officer of Camden National Bank. “Together with the Federal Home Loan Bank's Affordable Housing and Community and Economic Development programs, as well as local developers and community members, we are able to make a meaningful difference in the lives of many individuals and families who would not otherwise be able to afford quality, stable and safe housing.”
The projects include a $750,000 subsidy for the Parish House in Bar Harbor, $750,000 in subsidy funds for Merici Woods Senior Housing in Waterville, and an additional $750,000 for Pinewood Manor in Old Orchard Beach.
- The Parish House project entails the acquisition and rehabilitation of a 6,000 square foot property that will be transformed into six independent one-bedroom units for adults with intellectual and developmental disabilities. The downtown Bar Harbor location gives residents easy access to public transportation, employment opportunities, cultural events, and community services. The goal is to equip these individuals with secure housing and support services to develop community inclusion within the Mt. Desert Island geographic region.
- The Merici Woods Senior Housing project includes the historic rehabilitation of the former Ursuline Convent property located in Waterville into 28 senior housing units. All apartments on this property will strictly be available to senior households earning 60 percent or less of the area’s median income.
- Pinewood Manor consists of 50 affordable housing units in Old Orchard Beach which will undergo a complete renovation to ensure the buildings are ADA compliant and energy efficient. Renovations include new flooring, remodeled kitchens, handicap accessible bathrooms, as well as AC units and ceiling fans.
“It’s a privilege to be able to foster the economic well-being of our local communities through these initiatives,” continued Dufour.
Camden National Bank has been a participating member of the Federal Home Loan Bank of Boston's Affordable Housing Program since 1992 and has invested more than $15 million in direct financing and grants, representing more than 249 affordable housing units. The bank is committed to revitalizing local communities so that they can remain vibrant and prosperous for all individuals.