The Financial Assistance award supports our ability to lend patient capital to organizations working in underserved communities.
Bethesda, MD (PRWEB) October 02, 2013
Calvert Foundation announced a $1.347 million grant from the U.S. Treasury’s Community Development Financial Institutions Fund (CDFI Fund). The award was part of a total of $172 million in Technical Assistance and Financial Assistance awards made this year to spur community development across the country.
“The Financial Assistance award from the CDFI Fund is critical to us being able to expand our lending in underserved communities and connect investors to those communities through their investments”, said Calvert Foundation President and CEO Jennifer Pryce. “As we begin to invest longer term in the restoration of neighborhoods in key urban areas, the Financial Assistance award supports our ability to lend to projects and developers who need more patient capital.”
The 2013 round of the CDFI Program provided the most awards in the program’s history, and supports a range of institutions including credit unions, depository institutions, loan funds, and venture capital funds.
Among the awardees were 25 Calvert Foundation portfolio partners, including NCB Capital Impact, Accion TX, ASI Federal Credit Union, Boston Community Capital, Colorado Enterprise Fund, Community Reinvestment Fund, Enterprise Community Loan Fund, Montana CDC, IFF, The Reinvestment Fund, and New Hampshire Community Loan Fund.
Calvert Foundation received an award from the CDFI Program in 2012 for $1.45 million, and an award of $1.5 million in 2011. The awards support Calvert Foundation’s mission of connecting investment capital from individuals and institutions to underserved communities. Over its history Calvert Foundation has provided more than $567 million in financing to support organizations focused on improving the lives of low income individuals, families, and the communities where they live.
Pryce continued, “Through the Community Investment Note, our community of 5,500 investors is funding tangible change in the neighborhoods that need it most. In June we began offering a seven and ten-year term for our Note, recognizing the need among our portfolio partners for longer term capital that can be truly transformative.”
Since it began in 1994, the CDFI Fund has awarded more than $1.8 billion to financial institutions and community development organizations serving low-income urban and rural communities across the U.S.
About Calvert Foundation
Calvert Foundation empowers investors to empower communities. Through the Community Investment Note, Calvert Foundation enables individuals and institutions to invest in helping low-income communities become healthy and prosperous. Our investors have facilitated the creation of thousands of jobs, classroom seats, affordable homes, and critical services in the U.S. and around the world. Learn more at http://www.calvertfoundation.org.