Avesta receives Bangor Savings $50k donation toward homeownership program

A new program offered by Avesta Housing’s HomeOwnership Center received a $50,000 donation from Bangor Savings Bank, designated to help people with moderate incomes purchase their first homes and achieve housing stability.

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Avesta’s program, A Path Forward: Homeownership for ME, aims to create a pathway to homeownership for Maine residents who have been priced out of the marketplace, according to a news release.

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Through the program, Avesta will acquire, restore and sell single-family homes at affordable prices. Households qualify through an equitable application process that provides technical support to homebuyers throughout the process. 

Avesta Housing, the largest nonprofit affordable housing provider in Northern New England, will preserve affordability of the homes in perpetuity while building modest equity for homeowners, allowing individuals and families to build generational wealth. 

“Barriers erected by the housing crisis have made it increasingly difficult for moderate-income people to achieve their dreams of buying their first homes,” said Nicole DiGeronimo, director of the Avesta Housing HomeOwnership Center. “The people who will benefit from this program are vital to the success of the towns where they live and work. A Path Forward will ensure they can remain active members of their communities. We are grateful to Bangor Savings Bank for their generous gift, which will help more individuals and families achieve this dream.”

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On hand for the presentation, at an A Path Forward home under renovation in Gray, were Gavin Robinson, Bangor Savings’ vice president and community relations manager; Madisen Corcoran, Avesta’s HomeOwnership Center senior financial counselor; Sara Olson, Avesta’s vice president of advancement; Zoë Alexis Scott, Avesta’s corporate and major gifts officer; Diane Donaldson, Bangor Savings’ senior vice president and team lead of southern Maine commercial lending; Eric Boucher, Avesta’s senior vice president of finance and administration; and Chris Simpson, Bangor Savings’ vice president and regional market manager.

The program helps address the critical need for affordable housing in Maine, said Shawn McKenna, vice president and senior relationship manager and affordable housing officer at Bangor Savings Bank. 

“Bangor Savings Bank’s support of this program reflects our commitment to helping families achieve homeownership and we are proud to partner with Avesta Housing on this important initiative.”