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PEOPLE’S UNITED COMMUNITY FOUNDATION AWARDS $7,000 TO MAINE’S GENESIS COMMUNITY LOAN FUND

As part of an ongoing effort to support affordable housing and the well-being of neighborhoods in the communities where People’s United Bank operates, the People’s United Community Foundation, the philanthropic arm of People’s United Bank, announced today that it has awarded a $7,000 grant to Genesis Community Loan Fund in Damariscotta, Maine.

The Genesis Community Loan Fund is a statewide, non-profit organization and certified Community Development Financial Institution (CDFI).  Founded in 1991, the organization serves as a link between affordable housing resources and economic and social opportunities for underserved people and communities. Funding from People’s United Community Foundation will support the Genesis Community Loan Fund Technical Assistance Program.

“Genesis provides technical assistance to help solve problems,” said William Floyd, Executive Director of Genesis Fund.  “We help project sponsors develop workable financing plans and link them with progressive financial institutions, public agencies, service providers, and sources of subsidy.  We are pleased to once again have People’s United Community Foundation as a partner in this endeavor.”

The Genesis Technical Assistance Program helps Maine nonprofits build the capacity needed to develop affordable housing and vital community facilities. Assistance includes project plan development, feasibility studies, financial projections, grant writing, and referrals to additional resources and funding sources.  Since 1992, the Genesis Community Loan Fund has provided over 13,000 hours of professional assistance to more than 150 clients at no cost or for a nominal fee.

“The Genesis Fund Technical Assistance Program helps affordable housing organizations grow and succeed,” said Dan Thornton, Officer of People’s United Community Foundation and People’s United Bank, Southern Maine President. “We are proud that People’s United Community Foundation’s support will help provide over 125 hours of professional assistance to nonprofits in the creation, preservation, and improvement of affordable housing in Maine.”

Established in 2007, People’s United Community Foundation was formed to help support programs and activities that enhance the quality of life for citizens in the communities that People’s United Bank serves. People’s United Bank, founded in 1842 and serving customers from New York to Maine through a network of more than 400 branches, is the largest independent bank headquartered in New England. The Foundation places special emphasis on programs designed to promote economic self-sufficiency, education and improved conditions for low-income families and neighborhoods. The funding priorities of the Foundation include community development, youth development, and affordable housing.