Homewise received a $3.1 million award from the U.S. Department of Treasury’s CDFI Fund to support the organization’s integrated lending products and development services to create homebuyers who are set up for long-term financial success. The CDFI Fund awarded $91.5 million in grants to 32 organizations for the development of affordable housing and community facilities in low-income communities.
“Affordable housing remains out of reach for far too many Americans,” said Antonio Weiss, Counselor to Treasury Secretary Jacob J. Lew. “This funding will enable organizations across the country to expand access to affordable housing and help meet the critical needs of thousands of families.”
These awards will support financing for the preservation, rehabilitation, development or purchase of affordable housing for low-income communities as well as related economic development and community service facilities such as day care centers, workforce development centers and health care clinics.
“The impact of this program will be tremendous,” said CDFI Fund Director Annie Donovan. “The program requires recipients to leverage $10 of housing and economic development investments for every $1 of federal funds, meaning today’s awards will support over $900 million of investment in low-income communities.”
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $2 billion to CDFIs, community development organizations, and financial institutions. In addition, the CDFI Fund has allocated $43.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $852 million has been guaranteed in bonds. www.cdfifund.gov.
Homewise is a nonprofit organization that works throughout New Mexico with a mission to help create successful homeowners so that they improve their financial wellbeing and contribute to the vitality of our communities. Since their founding in 1986, over 13,100 households have attended their workshops, over 3,600 people have purchased homes, over 2,000 have made energy efficient home improvements, more than 600 have refinanced their mortgages and they have built over 600 high-quality, affordable homes. www.homewise.org.