Downpayment and Closing Cost Assistance - Live Where You Work

Joe Wright reports: The new Live Where You Work Loan Program administered by the MAR Foundation offers a 0% loan, up to $5,000, to provide down payment & closing cost assistance to homebuyers relocating closer to their employment and reducing/eliminating their daily commute. Money saved due to decreased commuting expenses can be used to re-pay the short-term, no-interest Live Where You Work Program loan.

Aside from the human costs of commuting, commutesolutions.com estimates that the cost of commuting 60 miles per day adds up to $421 per month, or more than $5,000 annually, and 78% of commuters ride alone to their destination. The commuting money saved more than pays for the 0% Live Where You Work loan.

Participating lenders in this program are: Androscoggin Bank – Donna Miller 729-1661; Gorham Savings Bank – Katherine Damon 595-1457; Kennebec Savings Bank - Bill Hill 662-5801; Machias Savings Bank – Scott Whitney 800-339-3347; The First – Stephen Sprague 800-564-3195 x3178.

The initial $50,000 for this new program was granted to the Maine Association of REALTORS Foundation by the National Association of REALTORS’ Ira Gribin Workforce Housing Grants program. Maine is one of the first states in the U.S. to implement a workforce housing program using these funds. Thank you NAR!

Get all the details on the Live Where You Work Loan Program at MAR Foundation website or contact the MAR Foundation’s Executive Director Suzanne Guild suzanne@mainerealtors.com

Joe Wright is the 2010 Chairman of the MAR Foundation; and owner of L.S.Robinson Co Real Estate, Southwest Harbor

MAR Foundation selects competitive grant recipients

Sherry Gregory reports: The Maine Association of Realtors Foundation met on April 3 to determine the recipients of the Competitive Grant process. Applications from organizations across the state set forth their requests to help their cliental. 30 groups requested money this year. We distributed $49,700 to 16 different groups.

In past years, our income has allowed as much as $75,000 to be shared and we have had more applications. The committee scored each application with an eye to our mission as well as community involvement in each project and where the aid would make a difference. We felt very good about our decisions this year and are pleased that we can continue to help people leverage money across the entire state.

In attendance: (pictured) Carol Goodwin, Bill Darling, Executive Director Suzanne Guild, (not pictured) Barbara Coleman, Jim Cosgrove, Patty Eddy, George Greenwood, Sherry Gregory, Cindy Hiebert, Stephen Mooers, Trish Ohler, Mary Sherwood, Joe Wright and Debrah Yale. Not attending: Mark Walker & Ed Suslovic

Sherry Gregory (Homestead Realty, Winthrop) is Chairman of the MAR Foundation

MAR Foundation Logo (Finally) Registered

Suzanne reports: We’re registered! In December 2007, the United States Patent and Trademark Office finally completed the registration of the Maine Association of REALTOR Foundation’s trademark. The application was first filed in March 2005. In November 2006, the National Association of REALTORS and MAR entered into a consent agreement for use of the REALTOR mark within the trademark of the MAR Foundation.

So, here’s the first “official” unveiling of our new look: “Bridging the Gap to Affordable Housing”. The houses form a visual destination with people celebrating. That’s what we do at the Maine Association of REALTORS Foundation. We provide funding to organizations to bridge the financial gap for the creation of affordable housing. We move families into better living situations. What’s not to celebrate?

Does your company participate in the REALTORS Affordable Housing Fund? Go to our website to check the list of participants, to download the enrollment form, and to learn more about where grant funds are spent throughout Maine. For additional info, please contact me.

Note: Suzanne Guild is the Executive Director of the MAR Foundation