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City First Enterprises is thrilled to announce a $4,076,250 grant from the U.S. Department of Treasury’s CDFI Fund to finance deeply affordable housing in the DC and Baltimore metro areas. This $4+ million award will allow us to make greater impact with early-stage projects, flexible terms, and below-market rates, and it will be transformative for the hundreds of low-income households who will be able to rely on high-quality, affordable housing.
As one of only 29 loan funds nationally to receive a Capital Magnet Fund award this year, we are committing to leveraging the $4+ million to invest more than $40 million over five years to advance affordable housing in the region. We will build on our legacy of providing higher-risk, early-stage, and bridge financing to enable developers, tenants, and builders to undertake high-impact projects that might not otherwise be able to move forward.
Together with the largely minority developers whose projects we finance, CFE has been a regional leader in fighting community displacement, promoting economic security, and bridging the racial wealth gap for almost 30 years. Our authentic relationships with under-resourced developers, affordable housing advocates, and other lenders in the region have guided us to create financial products that fill critical gaps in the marketplace.
Congratulations to the other awardees, and thank you to the community advocates and policymakers whose commitment to deeply affordable housing is essential to the continued impact of the Capital Magnet Fund.
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