BOSTON, M.A., February 20, 2019 — (RealEstateRama) — Last week, 15 of Housing Partnership Network’s (HPN) social-mission driven affordable housing members and HPN’s own Community Development Financial Institution (CDFI), Housing Partnership Fund, received awards from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. The Capital Magnet Fund awards given to HPN’s members tally 50.6 percent of the total $142.9 million, making an incredible collective impact in the development of affordable housing and community facilities in low-income communities.
Housing Partnership Fund provides capital to HPN members for the development and operation of affordable housing and community development efforts for the benefit of low and moderate-income families and individuals. HPN applied for and received $2.25 million from the Capital Magnet Fund to help leverage additional capital to support the work of its social enterprise Develop Detroit to stabilize and grow neighborhoods decimated by the recent housing crisis.
“We are honored to have been chosen as a 2018 Capital Magnet Fund award recipient this year to attract new capital to expand our work,” Tom Bledsoe, HPN CEO said. “And we’re incredibly pleased that HPN members received over 50 percent of the awards to further our collective efforts to help people access affordable housing and economic opportunity.”
This award was made through the fiscal year 2018 round of the Capital Magnet Fund and was given to 38 awardees that will collectively serve 39 states, the District of Columbia and Puerto Rico. The awardees were selected through a competitive review of applications submitted by 116 organizations. The 15 HPN members that received awards through the CDFI Fund, include:
- BlueHub Capital, Inc., $4.8 million
- BRIDGE Housing Corporation, $6.2 million
- Century Housing Corporation, $7.5 million
- CommonBond Communities, $4 million
- Gulf Coast Housing Partnership, $937,500
- IFF, $5 million
- Low Income Investment Fund, $3.75 million
- Mercy Loan Fund, $4.5 million
- Mission First Housing Development Corporation, $3.37 million
- National Church Residences, $7.5 million
- National Housing Trust Community Development Fund, $2.52 million
- Ohio Capital Finance Corporation, $6 million
- Preservation of Affordable Housing, $4 million
- Self Help Ventures Fund, $6.75 million
- Volunteers of America National Services, $3.3 million
Housing Partnership Network is an award-winning business collaborative of 100 of the nation’s leading affordable housing and community development nonprofits. Creating private sector partnerships and enterprises that achieve ambitious social missions, HPN and its member organizations work together to scale innovation and impact, helping millions of people gain access to affordable homes and thriving communities that offer economic opportunity and an enhanced quality of life. To learn more about HPN, visit www.housingpartnership.net.
Since its creation in 1994, the CDFI Fund has awarded more than $3 billion to CDFIs, community development organizations, and financial institutions through: the BEA Program; the Capital Magnet Fund, the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $54 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds in the amount of $1.36 billion through the CDFI Bond Guarantee Program.