Portland, MAINE – The Bangor Savings Bank Foundation recently contributed $15,000 to Avesta Housing to further the work of Avesta’s new Home Ownership Center. The grant, to be awarded over two years, is part of Bangor Savings Bank Foundation’s commitment to enhancing the quality of life for Maine citizens through community investment.
The grant will allow Avesta Housing to continue to grow its Home Ownership Center. Established in June 2012, the center provides homebuyer education to help consumers prepare for sustainable homeownership, helps consumers learn how to invest wisely on affordable and appropriate mortgage products, and offers foreclosure prevention counseling to help people retain their homes. The center serves low- and moderate-income families in Cumberland County and so far has helped more than 150 Maine people. This recent award brings the total grant funding the Home Ownership Center has received to $210,000.
“This contribution from the Bangor Savings Bank Foundation will help Avesta make a real difference in the lives of Maine families as they better prepare themselves for homeownership,” said Avesta President Dana Totman. “We’re grateful for their support and their commitment to sustainable homeownership.”
Bangor Savings Bank invests in communities throughout Maine by providing support through community development lending, sponsorships, donations, and Foundation grants. The Bank has been awarded the highest possible rating of “Outstanding” in its three most recent Community Reinvestment Act (CRA) examinations and Public Performance Evaluations. During the most recent three-year CRA assessment period, the Bank originated more than $900 million in residential mortgage loans, $450 million in CRA qualified small business loans, $150 million in CRA qualified community development loans, and $20 million in CRA qualified investments and grants in Maine.
“Home ownership education and financial literacy programs are a critical component in helping people achieve the American dream of home ownership. We know how important it has been for the more than 500 first time homebuyers who choose us as their mortgage lender each year,” said Bangor Savings Bank Senior Vice President John Moore. “The commitment and investment that families make when they purchase their first home help strengthen our neighborhoods and build communities.”
Bangor Savings Bank Foundation presents the check to Avesta Housing. From left: Debora Keller, Avesta’s Director of Programs; David Stolt, Avesta’s Home Ownership Services Manager; Dana Totman, president of Avesta; John Moore, Senior Vice President of Bangor Savings Bank; Diane Donaldson, Vice President of Bangor Savings Bank; and Colette Mauboussin; AmeriCorps VISTA volunteer working with Avesta’s Home Ownership Center.
About Avesta Housing
Avesta Housing is celebrating 40 years of providing and advocating for affordable housing. An award-winning agency, Avesta has grown to become the largest nonprofit developer in northern New England and one of the country’s most innovative leaders in affordable housing. Avesta manages a portfolio of more than 1,800 apartments in 31 Maine communities including Portland, Windham, Bridgton, Rockland and Kennebunk. For more information on the Home Ownership Center, visit http://www.avestahousing.org/home-ownership-center.
About Bangor Savings Bank: Bangor Savings Bank, with more than $2.6 billion in assets, offers retail banking and investment management services to Maine consumers as well as comprehensive commercial, corporate, payroll administration, insurance, and small business banking services to Maine businesses. The Bank, founded in 1852, is in its 160th year of service to the people of Maine, with 56 branches and on the Web at www.bangor.com. The Bangor Savings Bank Foundation was created in 1997. Together the Bank and its Foundation invest more than a million dollars per year into the community in the form of nonprofit sponsorships, grants and partnership initiatives.
Contact: Mindy Woerter, Communications Manager
(207) 553-7780, ext. 212; cell: 632-0696