Innovative Bowdoin housing program sees first loan closing with Chris Davis

Portland, Maine - April 2, 2024 - Chris Davis of Places in Maine Real Estate Group in Portland successfully closes the first home under the Bowdoin College first-time homebuyer initiative. “An amazing program! This has been a seamless transaction and I can’t wait to watch other Maine businesses follow in the footsteps of Bowdoin College.” said Davis.

Earlier this year Bowdoin, the renowned private liberal arts college in Brunswick,  announced its new first-time home buyer assistance program aimed at alleviating the challenges faced by employees looking to purchase a home. This program offers a forgivable loan for eligible buyers for up to 10% of the purchase price of the home within 40 miles of the college campus.. 

Chris Davis—team lead at Places In Maine Real Estate Group—has been instrumental in spreading the word and praise of this program, the first of its kind in the state. “In the competitive real estate market we find ourselves in, this program provides the edge our clients need. It just makes sense for employers that are looking for quality, long-term employees! Taking away the stress of finding a rental within commuting distance, inflated rental prices, and the fatigue of multiple-moves puts a strain on employees. Giving them the upper-hand in this market is the ultimate “thank you” and show of faith, by meeting their hires much more than half way.”

This initiative not only helps address the housing crunch in the area but also increases employee attraction and retention efforts by providing a pathway to homeownership. Eligible properties include single-family, condominiums, and mobile homes that will be affixed to the employee’s land.This level of flexibility allows for many desirable options within the 40 mile radius boundary set by the school. 

By partnering with local financial institutions like Kennebec Savings Bank or Bath Savings, Bowdoin has brought a nationwide trend of Employer Housing Solutions to Maine. An allocation of approximately $1 million for the program’s first year demonstrates the college’s commitment to addressing the housing challenges in the state, but the College has an established mechanism to provide the loans to employees even if the loans exceed $1 million in the first year.

Davis continued,  “We look forward to helping many Bowdoin-bound faculty find their first-homes this year and beyond. And we will continue to support and boast about this program until we see many other amazing Maine companies & institutions join the ranks”.

For more information about Bowdoin College’s First-Time Home Buyer Assistance Program, please visit Bowdoin College Housing Assistance Program.

Chris Davis is the Team Lead for Places In Maine Real Estate Group, with Real Broker LLC. He has been a top producing agent in Southern Maine since 2020 and Places In Maine was ranked as a “Top 10 US Small Teams” in the USA for Real Broker. Real Broker is the fastest growing publicly traded Real Estate company in America. www.placesinmaine.com