MOUNT DESERT 365

MOUNT DESERT 365 (THE CORPORATION) ENGAGES IN ACTIVITIES TO PRESERVE AND INCREASE THE SUPPLY OF AFFORDABLE WORKFORCE HOUSING FOR YEAR-ROUND RESIDENTS OF MOUNT DESERT (THE TOWN) AND PROMOTE ECONOMIC REVITALIZATION OF COMMERCIAL AREAS ADVERSELY IMPACTED BY THE LOSS OF YEAR- ROUND RESIDENTS. THE CORPORATION WILL INCREASE THE SUPPLY OF AFFORDABLE HOUSING FOR SALE TO YEAR-ROUND RESIDENTS, ENSURING THAT IT STAYS AFFORDABLE IN PERPETUITY AND CANNOT BE ACQUIRED BY SUMMER RESIDENTS FOR SEASONAL USE OR VACATION RENTALS. THE CORPORATION HAS ACQUIRED AND WILL DEVELOP MIXED- USE RESIDENTIAL/COMMERCIAL PROPERTIES FOR RENTAL ON AFFORDABLE TERMS TO RESIDENTS AND BUSINESSES ON A YEAR-ROUND BASIS. THIS ACTIVITY WILL INCREASE THE YEAR-ROUND POPULATION OF PEOPLE LIVING AND/OR WORKING IN THE VILLAGE, ADDRESS THE NEED FOR AFFORDABLE RENTAL RESIDENTIAL OPTIONS, PROVIDE PRODUCTS AND SERVICES TO SERVE THE YEAR-ROUND COMMUNITY AND/OR INCREASE THE CONSUMERBASE TO SUPPORT LOCAL BUSINESSES.