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The Federal Home Loan Bank of Boston has awarded Bath Savings Institution and Yarmouth Senior Housing (YSH) 1.6 millio

May 7, 2015

$1.6 Million in Grants Approved for New Senior Housing in Yarmouth
 

Yarmouth, Maine (May 7, 2015) – The Federal Home Loan Bank of Boston has awarded Bath Savings Institution and Yarmouth Senior Housing (YSH) 1.6 million dollars to fund the construction of twenty-eight (28) affordable senior housing units in Yarmouth, Maine. The apartments will be located on Bartlett Circle in Yarmouth village on the site owned by Yarmouth Senior Housing. The new development, called Bartlett Circle Two, will provide independent living units in a town with few affordable options for seniors living on fixed incomes.
 
Bartlett Circle Two is a collaboration between YSH and Avesta Housing of Portland. YSH is an all-volunteer community organization that has been providing affordable senior housing to Yarmouth residents since 1975.  Avesta Housing is a nonprofit organization that improves lives and strengthens communities by promoting and providing quality affordable homes for people in need.
 
Bath Savings Institution sponsored YSH and Avesta for the Federal Home Loan Bank of Boston’s annual Affordable Housing Program grants. The winning Bartlett Circle application has been awarded a $500,000 grant for the construction of the new $4 million facility, and an interest subsidy grant of $1,123,647 that will subsidize the interest on a $1.3 million loan from Bath Savings Institution for 20 years at a low fixed rate. Long-term financing at a fixed rate of interest helps assure that rents remain low and stable to those on fixed incomes. Rents are based on income limits of $26,000 for a single person and $32,000 for a couple.
 
Yarmouth Senior Housing was founded in 1975 by a group of Yarmouth citizens who were concerned about the lack of affordable alternatives for low-income seniors to stay in town. Yarmouth Senior Housing, Inc., currently owns and operates twenty-eight (28) existing affordable apartments for seniors at Bartlett Circle in Yarmouth. The mission of Yarmouth Senior Housing is to enhance human dignity in Yarmouth by providing safe, comfortable, carefree and affordable homes for some of its elder citizens.
 
Avesta Housing, founded in 1972 with a shoestring budget and a staff of three, has grown to become one of the country’s most innovative and respected leaders in affordable housing. Known as York Cumberland Housing before changing its name in 2003, Avesta Housing originated when two Maine Community Action agencies joined to focus on affordable housing problems. Avesta currently manages over 2,000 apartments with an annual budget of $26 million and a staff of 100. Avesta's administrative headquarters is in Portland, Maine.

Bath Savings Institution is a mutual savings bank serving Midcoast and Southern Maine since 1852 and holds the highest rating a bank can earn for strength and security from Bauer Financial, the nation’s foremost independent ratings agency. Beyond a financial institution, Bath Savings invests in what matters most — the people, places and businesses that are proud to make Maine the place they call home. Deposits in Bath Savings Institution remain in Maine, where it belongs and is used to help neighbors buy homes, entrepreneurs start businesses, and non-profits make a difference. Bath Savings builds relationships that last for generations by providing exceptional service and sound solutions customized to meet the individual needs of customers. Bath Savings is proud to be recognized as one of the Best Places to Work in Maine, whose employees make Bath Savings such a great place to work and bank.

 
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