The Genesis Fund Receives $300,000 From KeyBank Foundation

Rhea-AI Summary

KeyBank Foundation has awarded a $300,000 grant to the Genesis Community Loan Fund to enhance resources aimed at alleviating affordable housing barriers in Maine. This three-year funding initiative will provide no-cost professional assistance to BIPOC-led organizations and entrepreneurs, promoting project planning, financing, and development. The Genesis Fund aims to create at least 120 new affordable housing units through this support. KeyBank's investment will focus on Southern Maine, addressing a critical housing crisis by connecting community developers with essential resources. The Genesis Fund, a nonprofit Community Development Financial Institution, has a 30-year history of facilitating over $80 million in loans for affordable housing and community projects.

Positive

• KeyBank's $300,000 grant supports the Genesis Fund's initiative to create affordable housing.
• Genesis Fund aims to develop at least 120 new affordable housing units, addressing a significant need in Maine.
• The funding will enhance resources for BIPOC-led organizations, promoting equity in community development.

Negative

• None.

BRUNSWICK, ME / ACCESSWIRE / April 11, 2023 / The Genesis Community Loan Fund has received a three-year $300,000 grant from KeyBank Foundation to expand resources and help remove barriers to creating affordable housing in Maine.

KeyBank's funding will enable Genesis to share expert training and guidance for BIPOC-led organizations and entrepreneurs. (BIPOC means Black, Indigenous, and People of Color.) To help create affordable housing and other community projects that advance equity and opportunity, Genesis staff will provide no-cost professional assistance on project planning, financing, and development, from start to finish. Based on the scope of the outreach, the Genesis Fund hopes these efforts lead to the creation of at least 120 new units of affordable housing.

"Genesis is grateful for the KeyBank Foundation's support, to help us expand and focus our outreach to Maine's BIPOC-led organizations and entrepreneurs," said Liza Fleming-Ives, executive director of the Genesis Fund. "In partnership with these organizations and community leaders, Genesis can help turn community-based ideas into financed projects that create homes and services for individuals and families."

To address Maine's affordable housing crisis, the Genesis Fund has been expanding its outreach to organizations and community developers statewide to help them access resources and navigate complex community development processes. Under a contract with MaineHousing, Genesis is helping rural communities become ready to pursue project funding. KeyBank's investment will be targeted toward Southern Maine.

Genesis Board Member Shima Kabirigi, director of the Immigrant-Led Organizations Fund of Maine Initiatives said, "I'm delighted that Genesis will have additional resources for this outreach and assistance to organizations and individuals who know best what their communities need. Their lived experience and expertise enable them to connect with and advocate for individuals and families in their communities who will benefit from housing that is accessible and affordable."

The Brunswick-based Genesis Fund is a nonprofit Community Development Financial Institution with a 30-year history of delivering innovative financing and expert assistance to create affordable housing and vital community facilities. Since its founding, Genesis has made more than $80 million in loans and supported some 400 projects. Its financing and assistance have helped borrowers leverage another $430 million to create and preserve affordable rental housing, build affordable homeownership opportunities, and expand capacity for community services such as food pantries, childcare centers, and health clinics.

"Guidance from the Genesis Fund can assist BIPOC-led organizations and entrepreneurs to obtain public funding and programs they've had difficulty accessing in the past," said KeyBank's Maine Market President Tony DiSotto. "In turn, these organizations can develop affordable homes for residents. KeyBank is impressed with the Genesis Fund's innovative approach to addressing housing challenges in our community, and we are proud to support their work."

KeyBank's grant is made under Key's National Community Benefits Plan, which has already delivered more than $29 billion in lending and investments across Key's national footprint supporting affordable housing and community development projects, home, and small business lending in low- and-moderate income communities, and philanthropic efforts targeted toward education, workforce development, and safe, vital neighborhoods.

About the Genesis Community Loan Fund
The Genesis Fund connects communities who are creating affordable housing and other essential community resources with the capital and expertise they need to overcome barriers to opportunity and prosperity. A Community Development Financial Institution (CDFI), Genesis works throughout Maine and Northern New England to make flexible loans, deliver expert project guidance, and promote policy solutions and systemic change. We offer impact investing for individuals and institutions to move resources toward community needs. As simply as possible, we make projects happen that otherwise wouldn't.

About KeyBank Foundation
KeyBank Foundation serves to fulfill KeyBank's purpose to help clients and communities thrive, and its mission is to support organizations and programs that prepare people for thriving futures. The Foundation's mission is advanced through three funding priorities - neighbors, education, and workforce - and through community service. To provide meaningful philanthropy that transforms lives, KeyBank Foundation listens carefully to understand the unique characteristics and needs of its communities and then backs solutions with targeted philanthropic investments. KeyBank Foundation is a nonprofit charitable foundation, funded by KeyCorp.

About KeyBank/KeyCorp
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $189.8 billion as of December 31, 2022. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

Photo caption from left: Sarah Brooks, branch manager, KeyBank; Liza Fleming-Ives, executive director, Genesis Fund; Tony DiSotto, Maine market president, KeyBank; Brigitte Ritchie, regional corporate responsibility officer, KeyBank

View additional multimedia and more ESG storytelling from KeyBank on 3blmedia.com.

Contact Info:
Spokesperson: KeyBank
Website: https://www.3blmedia.com/profiles/keybank
Email: info@3blmedia.com

SOURCE: KeyBank

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FAQ

What is the purpose of the $300,000 grant from KeyBank Foundation?

The grant aims to expand the Genesis Community Loan Fund's resources and help create affordable housing in Maine.

How many affordable housing units does the Genesis Fund plan to create?

The Genesis Fund hopes to create at least 120 new units of affordable housing.

Who will benefit from the services provided by the Genesis Fund?

BIPOC-led organizations and entrepreneurs will benefit from expert training and guidance in project development.

Why is KeyBank's grant important for Southern Maine?

The grant will specifically target Southern Maine, addressing the region's affordable housing crisis and supporting local community development efforts.

What impact has the Genesis Fund had historically?

Historically, the Genesis Fund has made over $80 million in loans and supported approximately 400 projects aimed at creating affordable housing and community resources.