Building Community, One Home at a Time: Bangor Savings Bank’s Commitment to Affordable Housing Solutions

Published on : 8/26/2025

At Bangor Savings Bank, we believe strong, vibrant communities start with access to safe, affordable housing. For more than 173 years, that belief has shaped how we show up—in neighborhoods, job sites, and ultimately, where you live, work, and call home. 

We’re committed to advancing sustainable housing and financial solutions that help people build lives in the communities they love.

Meeting the Moment
The housing shortage across Northern New England is real–and so is the momentum to address it. Maine needs over 38,000 homes to recover from years of underproduction, and another 40,000 by 2030 to meet demand. In Penobscot County, housing costs have reached a level that signals financial strain and may limit flexibility for other living essentials. Southern Maine, particularly Cumberland County, faces even greater pressure, with rising home prices and limited inventory making it increasingly difficult for families to find affordable options near employment centers. 

New Hampshire faces a similar gap, with 60,000 new units needed by the end of the decade to support the housing demand.

These numbers represent people and families striving to stay rooted in the places they love. That’s why we’re focused on long-term housing solutions—partnering with communities, developers, and nonprofits to turn challenges into opportunities.

Turning Opportunity into Action 
Across the region, we support housing at every step, from planning to move-in day. That includes:
  • Lending to community developers and nonprofits to get projects off the ground. 
  • Partnering with local agencies to expand access to grants and tax credits. 
  • Offering 90% financing with no Private Mortgage Insurance (PMI) through our Welcome Program for first-time homebuyers. 
  • Connecting income-qualified buyers with down payment assistance programs.
  • Providing personalized support so residents aren’t navigating the process alone. We’re deeply committed to helping homebuyers make informed decisions, and our loan officers prioritize borrowers' best interests above all else.

These efforts reflect our commitment to practical solutions, and it’s the people who truly bring this work to life. From families moving in to the partners who make it possible, housing becomes transformative when it’s rooted in human connection—made possible through relationship banking and community trust.

Where Impact Lives
In Manchester, NH, Bangor Savings Bank provided $3.7M to support the creation of 48 affordable rental units in partnership with New Hampshire Housing. This development helped meet urgent local demand and gave new life to an underserved neighborhood.

In Boothbay, ME, we provided financing for 20 workforce condos led by the Boothbay Regional Development Corporation, giving local workers a way to live where they work. Bangor Savings Bank contributed a $7M construction loan, and community partners secured $3M in private donations to bring the project to life.

In Portland, ME, we provided a loan and helped secure a grant from the Federal Home Loan Bank of Boston to renovate transitional housing for 13 immigrant families at Hope Acts’ Hope House. These homes offer more than shelter—they offer dignity and a chance to restart in a new place.

Each of these projects shows what happens when housing, heart, and investment meet, supported by an organization committed to helping achieve homeownership. When compassion and community drive housing solutions, people build roots, businesses thrive, and communities grow stronger.

Invested in Community  
Affordable housing work is layered-- it takes time, collaboration, and a commitment to community.

As Shawn McKenna, Vice President, Senior Relationship Manager and Affordable Housing Officer at Bangor Savings Bank, explains, “This is about more than housing—it’s about building inclusive opportunities and communities.” 

We continue to deepen our investment in community development—and I am proud to contribute to that work in my new role as Senior Vice President, Community Relations Manager and Public Finance Officer.  Through Community Reinvestment Act (CRA) initiatives and strategic partnerships, we’re creating more pathways to economic opportunity across the region.

Our “Outstanding” CRA rating and recognition as MaineHousing’s Top Lender in 2025 reflect not only how we perform—but why we do this work.

Giving Back to Move Forward 
Beyond financing, Bangor Savings Bank and The Bangor Savings Bank Foundation give back through donations and grants that help families achieve housing stability: We also collaborated with partners like the Maine Affordable Housing Coalition and VOA Northern New England to improve systems and provide safe, affordable housing for everyone. These efforts reflect what we believe: progress doesn’t happen in isolation. It happens in partnership.

At the heart of those partnerships is a simple promise: You Matter More. This belief guides our intentionality about the services we offer, our investment in housing solutions, our collaboration, and our help in building stronger communities across Northern New England.

Join Us in Building the Future
We imagine a future where every individual and family has access to affordable housing that allows them to live and work in the communities they love. Whether you’re stepping into homeownership or helping others find housing stability, our work is rooted in the same goal: to create lasting impact through safe, affordable housing.

Because the path to stronger, more resilient communities starts with a place to call home.

Author: Gavin Robinson, SVP, Community Relations Manager and Public Finance Officer