December 14, 2024

Housing Finance Development

It's Your Housing Finance Development

Does Sedgwick need affordable housing?

Does Sedgwick need affordable housing?

Financing fund presents info at public meeting

SEDGWICK—On January 24, representatives from the Genesis Fund had what it referred to as a “discussion” with members of the Sedgwick community with regard to potential financing for an affordable housing development in town. The exchange was an initial attempt to determine whether the pursuit of such a development might be of mutual interest as an effort to address the acute housing shortage facing many rural Maine communities, according John Egan of the Genesis Fund.

Egan and Mark Primeau, senior program officers at Genesis Fund, made their case over Zoom as a result of snowy road conditions.

Egan made clear that Genesis were lenders who aspire to finance affordable housing for rural communities in Maine, like Sedgwick, by partnering with area developers to take advantage of MaineHousing programs. MaineHousing “offers several programs to encourage private development of affordable rental housing or homeownership opportunities for families, seniors and persons with special needs,” according to its website.

“Housing development is economic development—as important as employers or a bridge,” suggested the Genesis Fund representatives.

A resident of Sedgwick raised concern with a “top-down approach” to the planning of housing developments. Another resident questioned if Sedgwick would benefit from such housing developments. A third asked what other communities Genesis has worked with on comparable projects.

Egan and Primeau said that the Genesis Fund addresses community needs of rural Maine residents.

Egan maintained that “good data” was necessary to determine if the type of housing development proposed is worthwhile and might benefit the Sedwick community. Useful data, according to Egan and Primeau, include past and potential migration trends in population, available housing supply, and type of housing needed.

They listed Bowdoinham, York County Service Association, Dover-Foxcroft, Harpswell and Presque Isle as examples of towns as fund partners.

Egan and Primeau said they are visiting towns throughout rural Maine to identify opportunities for residential development projects in the size range of five to 18 units. Their initial role, according to Egan and Primeau, is to assess the parameters of a potential project, including size, whether units will be rented or sold, and if the target audience includes families or seniors.

At the end of the meeting, planning board member Donna Beninati indicated an attempt to “hear as many points of view [on the subject of affordable housing] as we can.”

link