NORWAY, Maine – Norway Savings Bank is proud to support Avesta Housing with a $20,000 donation to renovate the former Mildred M. Fox School in downtown Paris, Maine. The former elementary school will be transformed into senior affordable housing featuring 12 studio and one-bedroom apartments.
Built in 1883 and expanded in 1940, the Fox School operated until 2008 as a public school and until 2015 as a private charter school. Avesta purchased the building in 2017 and began construction earlier this year after securing a range of investments – including $20,000 from Norway Savings Bank.
“Without the additional funding from private entities like Norway Savings, this project wouldn’t have gotten off the ground,” said Dana Totman, President and CEO of Avesta Housing. “Projects like these benefit everyone – the residents get affordable housing, the town gets new tax income and the entire community is improved when a formerly idle building comes back to life.”
“This project is close to our hearts,” said Patricia Weigel, President and CEO of Norway Savings Bank. “It’s right in our backyard. Members of our staff and customer base remember fondly their days at the Fox School as students and teachers. When you can help turn a vacant building into something the community desperately needs – affordable senior housing – it’s a win-win.”
Avesta plans on starting to take applications for the apartments later this year with occupancy slated for early 2019.
About Norway Savings Bank
Founded in 1866, Norway Savings Bank is a leading mutual banking and financial services company headquartered in Norway, Maine. As of March 31, 2018, Norway Savings Bank had $1.18 billion in total assets and provides financial services to over 38,000 households throughout western and southern Maine. Norway Savings Bank has 24 branch locations and operates divisions in asset management, personal banking and business banking. In 2016, Norway Savings Bank was honored as one of the Best Banks to Work For by American Banker and Best Companies Group as well as one of the Best Places to Work in Maine. In 2013, Norway Savings Bank received the Governor’s Award for Business Excellence and has been recognized as one of the healthiest companies in America by the Wellness Council of America (WELCOA) as a two-time Gold-Level Well Workplace award recipient. BauerFinancial has designated 5-Star Norway Savings Bank the “Best of Bauer” for earning and maintaining its highest 5-star rating for 25 continuous years or longer. For more information, visit www.norwaysavings.bank.