Published on : 2/26/2025
Bangor, Maine: For over 173 years, Bangor Savings Bank has been dedicated to helping families across Maine and Northern New England achieve homeownership. As a mutual community bank, it has consistently supported initiatives that expand access to affordable housing. Recently, the Bank reinforced this commitment by securing $5.1 million in financing for the Cedar Falls Manufactured Home Community—a resident-led purchase that ensures more than 160 Bangor-area families can remain in their homes.
The $8 million transaction was made possible through a collaborative effort, including grants from Maine Housing and the City of Bangor, as well as loans from the Genesis Community Fund and nonprofit Community Development Financial Institutions (CDFIs). Bangor Savings Bank’s experienced lending team played a crucial role in structuring the complex financial package to provide the best outcome possible by using the deep relationships it already had with its community partners.
Beyond preserving existing housing, the purchase paves the way for 45 additional homes, strengthening long-term affordability and stability in the Bangor community. As only the second initiative of its kind in the state, this project highlights Bangor Savings Bank’s leadership in addressing housing challenges and advancing sustainable solutions across Northern New England.
“This project exemplifies the power of public-private partnerships in preserving and expanding access to affordable housing,” said Bob Montgomery-Rice, President and CEO of Bangor Savings Bank. “By working alongside MaineHousing, the City of Bangor, Genesis Community Loan Fund, and the Federal Home Loan Bank of Boston, we’ve demonstrated how collaboration can create lasting stability for communities. Bangor Savings Bank was originally founded to help our community members achieve homeownership, and we are proud of this longstanding commitment.”
Bangor Savings Bank has long championed initiatives that increase the supply of affordable housing and support first-time homebuyers. The Bank’s financial investments and community partnerships have driven meaningful progress, including:
- Significant Lending Commitments: In 2024, the Bank provided $108 Million in community development lending, $42 million of which supported 16 affordable housing projects and organizations.
- Federal Support and Tax Credit Investments: The Bank sponsored 7 Federal Home Loan Bank of Boston Affordable Housing Program (FHLBB-AHP) applications, 3 of which were awarded a total of $3.2 million supporting affordable housing development in Maine. The Bank also invested $4M in a Low-Income Housing Tax Credit (LIHTC) fund that supported the development of 208 units of affordable housing in Maine and New Hampshire.
- Homebuyer Assistance Programs: The Bank is a leader in first-time homebuyer education and financing through initiatives such as Maine State Housing, USDA Rural Development programs, and down payment assistance programs.
- Policy for Housing Policy Reform: Bangor Savings Bank supports legislation like LD2003, which seeks to standardize zoning laws and increase housing density to reduce construction barriers. The Bank has been an advocate for policy changes that remove barriers to affordable housing, including promoting standardized zoning laws across Maine’s 250+ communities to streamline development approvals and expand housing density.
- Investments in Workforce Housing: Recognizing the direct link between housing availability and workforce expansion, the Bank is committed to advancing housing solutions that drive economic growth by attracting and retaining a skilled workforce in Maine.
Bangor Savings Bank continues to expand its role in community development lending by piloting new housing funds that help developers scale projects faster. The Bank is currently offering emerging solutions, such as financing the creation of Accessory Dwelling Units (ADUs) to increase housing inventory within existing neighborhoods. Its commitment to affordability remains central to its strategy, ensuring sustainable housing access for all.
For more information about Bangor Savings Bank’s affordable housing initiatives, visit bangor.com.
About Bangor Savings Bank
Bangor Savings Bank, with over $7 billion in assets, offers retail banking, business and comprehensive commercial banking, payment and corporate services, HR and payroll technologies, and merchant solutions. Wealth management, investment, and financial planning services are offered through Bangor Wealth Management, a division of Bangor Savings Bank, and Bangor Wealth Management of New Hampshire, LLC, a New Hampshire trust company and wholly-owned subsidiary of Bangor Savings Bank. Investment information can be found at bangor.com/investments.
Headquartered in Bangor, Maine, the Bank was founded in 1852 and is in its 173rd year, and currently has 69 branches in Maine and New Hampshire and business and/or loan production offices in Maine, New Hampshire, and Massachusetts. Bangor Savings Bank and The Bangor Savings Bank Foundation invested more than $3.6 million into the region through sponsorships, grants, and partnership initiatives last year. Bangor Savings Bank is an equal opportunity employer. To learn more, please visit us at bangor.com. Neither Bangor Savings Bank nor its affiliates offer tax, accounting, or legal services.
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Equal Housing Lender
Media Contact:
Jaclyn Fish
Bangor Savings Bank
207.974.2555
Jaclyn.Fish@Bangor.com