I am appreciative of the great work done by Fahe to serve our local communities, and I look forward to continuing to support efforts to help ensure individuals have access to affordable housing," said Congressman Andy Barr
Berea, KY (PRWEB) October 07, 2014
Fahe was recently awarded $2 million dollars from the Department of Treasury’s, Community Development Financial Institution Fund (CDFI FUND), which will increase the organization’s impact by increasing lending and investment opportunities in Appalachia.
The CDFI Fund promotes economic and community development through organizations like Fahe that work in at-need communities. These funds promote access to capital and local economic growth by helping CDFIs provide loans, investments, and financial services to underserved areas. It also provides incentives to banks and private parties to invest in the communities.
The recent $2 million award was among the largest given from the fund and will allow Fahe to provide more impact in Appalachian communities. Since the Fund’s inception, Fahe has been awarded a total of $9 million, which has allowed the organization to grow from deploying $2 million to $80 million annually. Last year, Fahe and its members served 8,732 families thanks to this growth. Over the course of its lifetime, the Fahe network has helped over 225,000 people through the building and preservation of homes, made over $469 million in direct investment, and achieved a total cumulative financial impact of nearly a billion dollars in the Appalachian region.
Kentucky Congressman Andy Barr will officially present the award to Fahe at their office in Berea, KY on October 8th. “I am appreciative of the great work done by Fahe to serve our local communities, and I look forward to continuing to support efforts to help ensure individuals have access to affordable housing,” said Congressman Andy Barr.
Representatives from J.P. Morgan Chase Foundation and J.P. Morgan Chase Bank will also be in attendance. Without the awards from the CDFI fund, important partnerships with responsible investors such as J.P. Morgan Chase wouldn’t be possible. J.P. Morgan Chase has been a partner since 2007 and has made an investment in Appalachia through Fahe for more than $20 million.
Jenny Ceesay, from Berea, will also be in attendance. Jenny, her husband Ismaila, and their three sons were able to stay in their local community thanks to an affordable home loan from Fahe - a direct result of utilizing the CDFI Fund.
Fahe will be investing the $2 million award money into persistent poverty counties and other low-income areas to ensure that people have access to affordable loans.
Fahe makes a difference by providing opportunities to the Appalachian region, which impacts the lives of over 40,000 people annually.
This is accomplished by connecting other non-profits, communities, and people with the resources they need to create better lives - resources such as funding, partnership, education, advocacy, and consulting. These efforts empower families to take the steps needed to get into their first homes, start a business, or rebuild (or establish) essential services for their town.
About Congressman Barr
BARR, Garland H. (Andy) IV, a Representative from Kentucky; born in Lexington, Fayette County, Ky., July 24, 1973; graduated from Henry Clay High School, Lexington, Ky., 1992; B.A., University of Virginia, Charlottesville ,Va., 1996; J.D., University of Kentucky College of Law, Lexington, Ky., 2001; attorney, private practice; staff, United States Representative Jim Talent, 1996-1998; instructor, Morehead State University, Morehead, Ky.; unsuccessful candidate for election to the United States House of Representatives in 2010; elected as a Republican to the One Hundred Thirteenth Congress (January 3, 2013-present).