The U.S. Treasury’s Community Development Financial Institutions (CDFI) fund has once again awarded capital to NHT’s loan fund, the National Housing Trust Community Development Fund (NHTCDF), to further its mission of preserving and creating new affordable housing and promoting the economic revitalization of distressed areas. The $1.1 million in grant and debt capital includes a Persistent Poverty County Supplemental Award to serve individuals most in need of affordable housing. NHTCDF will use grant funds from the Kresge Foundation, the Citi Foundation, and debt capital from Northern Trust Bank to leverage the CDFI award to provide more than $20 million to preserve more than 5,000 affordable homes.
The U.S. Treasury Department awarded 265 organizations more than $170 million in grants through the CDFI Fund to promote economic revitalization and community development by investing in CDFIs that work in areas of need nationwide.
NHTCDF will deploy these funds to promote the long-term preservation of quality affordable homes for those who most need them by financing predevelopment, acquisition, rehabilitation, and energy efficiency upgrades for homes most at risk of loss of affordability.
Since its inception in 1999, NHTCDF has preserved more than 11,000 affordable units, and leveraged more than one billion dollars in capital by providing quality, affordable loan products in 28 states and the District of Columbia where NHTCDF lends.
For more information about the award and the CDFI Fund, check out the FY2017 CDFI Program Award book. For more information about NHT Lending or our loan fund, please contact NHT Lending Director Josh Earn.