MaineHousing donates $100,000 to Family Development Account housing fund
Donation will help 15 low-income families buy a home

SOUTH PORTLAND – MaineHousing’s $100,000 donation to the Maine Family Development Account Coalition will help up to 15 low-income Maine families purchase homes, MaineHousing Director Dale McCormick announced today at a press conference at the Women, Work and Community office here.

MaineHousing’s funding allows FDA participants purchasing a home to have up to $10,000 for a downpayment, explained Maine FDA Coalition Chairperson Rhoda Butler from York County Community Action. This includes $2,000 the family saves, matched with $8,000 from other sources.

Prior to MaineHousing’s donation the maximum the family could achieve in match was $4,000, limiting their total downpayment to $6,000.

FDA participants must be low-income individuals or families. Participants agree to save from $20 to over $80 a month from employment earnings, up to a maximum of $2,000. Their contribution is matched by funds from private organizations and state and federal agencies. The savings can help pay for:

the downpayment and closing costs on a home;
starting a business or expanding an existing business;
education and training, including college, vocational, or technical training.
The first round of FDA funding included a single mother who purchased a home, a business owner able to expand her retail business, and several adults who enrolled in Associate degree programs at community colleges.

A coalition of eight Community Action Program (CAP) agencies and the Women, Work and Community organization (a statewide economic development agency) provide the FDA program. Persons interested in participating in the program should contact one of the organizations listed below.

Maine FDA Coalition members:
Aroostook County Action Program 1-800-432-7881
Coastal Economic Development Corp. 1-800-221-2221
Community Concepts, Inc. 207-743-7716
Penquis CAP (now includes Knox County) 1-800-215-4942 or 973-3500
People’s Regional Opportunity Program 1-800-698-4959
Waldo Community Action Partners 207-338-6809
Western Maine Community Action 1-800-645-9636
York County Community Action Corp. 1-800-965-5762 or 324-5762
Women, Work, and Community 1-800-442-2092 or 621-3434