Affordable Coast Fund Makes Grants to Island Nonprofits and Individuals

The Island Institute and the Genesis Community Loan Fund have announced the results of a new collaborative grant-making process:  $110,000 in awards to six island-based affordable-housing nonprofits.  Seven grants from two separate funding streams - the Institute's Affordable Coast Fund and the Genesis-based Islands Challenge Fund - ranged from $5,000 to $25,000 in support of efforts to assist year-round island families in securing stable, affordable homes. 

 

These latest awards are the result of several years of ongoing collaboration between the two organizations.  The new Affordable Coast Fund (ACF), launched this past March, assists affordable-housing groups with land purchase, capital projects and professional development opportunities.  The application process for ACF funds mirrors that of the Islands Challenge Fund and uses the expertise of the same nine-member Grants Committee, which includes island residents. "By collaborating with the Genesis Fund, we are able to help island housing groups leverage additional dollars from a variety of funding sources to further affordable housing for island residents," said Chris Wolff, Community Development Director at the Island Institute and administrator of ACF affordable-housing grants.

 

Nonprofits located on Chebeague, Isle au Haut, Islesboro, Monhegan, Long and Peaks islands appreciate the broad range of funding available. "It's unique to have a grant that fits the need and scale of our projects.  There are a lot of grants out there about capacity building and big grants to finance large developments; it's nice to have a local grant that can provide the actual ‘bricks and mortar' and can provide these things for smaller projects, " said Joanne Whitehead of Islesboro Affordable Property.

 

Those involved in the selection process also praised the high quality of proposals received and recognized the effort involved in expanding affordable-housing options for year-round island residents.  "These island groups of volunteers put forward thoughtful and creative plans to address the housing crises on their islands. We're pleased to be able to complement their good work bringing grant money and flexible, low-cost financing to the table," said Liza Fleming-Ives, associate director of the Genesis Fund and administrator of the Islands Challenge Fund.

 

This new collaboration will continue throughout the year as more proposals arrive at the Island Institute and Genesis Community Loan Fund offices.  There's much more work to do out on Maine's islands to make life affordable for those who want to live there.  For more information on the Affordable Coast Fund, please visit  http://acf.islandinstitute.org, and to learn more about the Islands Challenge Fund, please go to http://www.genesisfund.org/icf.htm.