05/14/2023
CCLF Awarded $4.7 Million for Equitable Recovery
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced over $1.73 billion in grants to 603 Community Development Financial Institutions (CDFIs) across the country through the CDFI Equitable Recovery Program (CDFI ERP). These funds will strengthen the ability of CDFIs to help low- and moderate-income communities recover from the COVID-19 pandemic and invest in long-term prosperity.
“When we invest in community lenders, we help build a future where all people – no matter who they are or where they start – have the resources they need not only to succeed but to thrive, said Vice President Kamala Harris. “These grants – representing the largest CDFI grant program in history – will enable hundreds of community lenders to invest in small businesses and entrepreneurs, and also provide home loans for families, financial services for local nonprofits, and capital for community organizations.”
CCLF was awarded a grant of $4.7 million to address the issue of housing affordability by offering an equity-like predevelopment/gap financing product.
“CCLF has learned from community stakeholders that predevelopment/gap financing is harder to acquire, and yet it is critical in moving the needle to create or preserve affordable housing,” said Bob Tucker, Interim President of CCLF. “CCLF will be able to create or preserve an additional 900 units of affordable housing with our ERP award and have a lasting, positive impact on the communities we serve.”
A total of $32.8 million was awarded to Illinois CDFIs including loan funds, credit unions, community banks or thrifts and venture capital entities.
CCLF congratulates our CDFI friends doing important work in Chicagoland who also received awards: Allies for Community Business, Inc., Bridge Investment Community Development Corporation, Chicago Municipal Employees Credit Union, Cinnaire Lending Corporation, Community Investment Corporation, Greenwood Archer Capital, Inc., IFF, International Bank of Chicago, Israel Methcomm FCU, National Community Investment Fund, Park Manor Christian Church Credit Union and United Credit Union.
They too will be expanding lending, grant making and investment activities in low- to moderate-income communities and to borrowers with significant unmet capital and financial services needs that have experienced disproportionate economic impacts from the COVID-19 pandemic.
Click link to view press release from CDFI Fund and full list of awardees
https://lnkd.in/eAN3t9pn
Community Development Financial Institutions Fund
