This November, CAHEC Capital received notification from the Community Development Financial Institutions (CDFI) Fund, a division of the U.S. Department of Treasury, that it was awarded a total of a $374,000 in grant capital as part of the CDFI Program's FY 2019 funding round. This includes a Base Financial Assistance award (Base-FA) of $225,000 and a Persistent Poverty Counties Financial Assistance award (PPC-FA) of $149,000.
Grant proceeds will be utilized by CAHEC Capital as lending capital to make future loans that will support Low-Income Housing Tax Credit (LIHTC) developments across CAHEC's footprint.
The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and underserved communities lacking adequate access to affordable financial products and services. For the FY 2019 funding round, the CDFI Fund awarded $132 million in Base-FA awards to 261 organizations in 45 states, the District of Columbia, and Puerto Rico. The CDFI Fund also awarded $18.2 million in PPC-FA awards to 125 CDFIs specifically to serve Persistent Poverty Counties nationwide.
"CAHEC Capital is honored to be among the awardees for this year's application round," said Tara Campbell, CAHEC Capital's Manager, Lending. "
Access to grant and low-cost capital is a continued challenge for CDFIs. This award enables us to leverage additional resources and strengthen our lending platform to assist in bringing more affordable housing developments to the communities that need them most.
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For more information on the CDFI Program's impact, please visit the CDFI Fund website.
