Treasury invests in NMDC certification
CARIBOU — Northern Maine Development Commission (NMDC) is branching out into the world of Community Development Financial Institutions (CDFI) thanks to an investment by the U.S. Treasury Department.
The NMDC Executive Board, at its most recent meeting Thursday, Oct. 13, was informed of the nearly $125,000 award from the CDFI Fund to allow NMDC to work toward CDFI certification within the next 18 months, which will allow the commission to increase lending and investment activity in low-income and economically distressed communities in Aroostook and Washington counties.
CDFIs are private financial institutions that are 100 percent dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream. By financing community businesses — including small businesses, microenterprises, nonprofit organizations, commercial real estate, and affordable housing — CDFIs spark job growth and retention in hard-to serve markets across the nation.
“NMDC already has an active lending division, CDFI designation will allow for additional investment in the region to help start new businesses and grow jobs,” said Robert Clark, NMDC executive director.
Also at the board meeting, members ratified service contracts with Limestone, Patten and the Northern Border Regional Commission (NBRC). NMDC staff will provide an ordinance update for Limestone and a comprehensive plan for Patten. The NBRC contract is for grant administration for an award to the Northern Maine Regional Airport.
Executive Board members also appointed three county residents to the Brownfields committee and the Aroostook County Tourism board. Dona Saucier, the Greater Fort Kent Chamber of Commerce executive director, was appointed to the ACT board. Frenchville Town Manager Ryan Pelletier and Mars Hill Town Manager Dave Cyr were named to the Brownfields committee.
Board members also approved a noon meeting time for the December and February meetings, to be held on Dec. 8 and Feb. 9.
Prior to the meeting, the board recognized long-time member Patricia Sutherland for receiving the Ethel Kelley Memorial Award from the Maine Municipal Association. Sutherland, the Chapman Select Board Chair, received the award on Wednesday, Oct. 5 at the MMA annual convention. The award is given to one dedicated to the cause of good local government and conscientiously serving for 20 or more years.
