Clearinghouse CDFI is Awarded $1.55 Million Aimed at Improving Communities Lacking in Access to Financial Resources
Clearinghouse CDFI is proud to announce that we have been awarded three Financial Assistance (FA) awards totaling $1,550,000 from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). This is the largest FA award Clearinghouse CDFI has received to date. The award was granted as part of the FY 2022 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program.
Clearinghouse CDFI will use the award to provide lending capital to improve distressed and underserved communities nationwide with emphasis in Arizona, California, Nevada, New Mexico, Oregon, Texas, and Washington, and Indian Country. This will enable us to continue our mission of providing affordable financial products and services to low-income people and underserved communities that lack adequate access to financial resources.
U.S. Treasury Awards in Excess of $194 Million for CDFI Investment in Distressed and Underserved Areas Across the Nation
The CDFI Fund awarded a total of $194.1 million in FA awards to 252 Community Development Financial Institutions (CDFIs) nationwide. These awards will enable CDFIs to expand lending and investment activity in disadvantaged and distressed neighborhoods and communities.
“Financial Assistance Awards provide CDFIs with capital critical for establishing new businesses, creating jobs, financing affordable housing and increasing homeownership, and providing financial services in low-income and distressed communities nationwide. By channeling more capital into CDFIs, we can help reach places and communities that the financial sector historically hasn’t served well – and by doing so, we are helping to create an economy that works for everyone.” – CDFI Fund Director, Jodie Harris
Clearinghouse CDFI Receives Three Awards Totaling $1.55 Million
The three awards allocated to Clearinghouse CDFI by the CDFI Fund includes a Base Financial Assistance Award of $950,000, a Persistent Poverty Award of $100,000, and a Disabilities Funds Financial Assistance Award of $500,000.
Base Financial Assistance Funds allow CDFIs to sustain and expand their financial products and services. CDFIs that qualify for this funding must match this award with funds from a non-federal source. This award can be used for lending capital, loan loss reserves, capital reserves, financial services, and development services to achieve at least one of the following FA objectives: Increase volume of products or services; Provide new products or services; Expand operations into new geographic areas; Service new targeted populations.
The Persistent Poverty award will specifically serve counties where 20% or more of the population has lived in poverty over the past 30 years. These counties can be found in both rural and urban areas of the United States.
Disabilities Funds will be used to address the challenges of individuals with disabilities, such as: asset development; affordable, accessible, and safe housing; employment opportunities; or access to assistive products and services that support health and community living.
Clearinghouse CDFI’s Commitment to Creating Economic Opportunity
Clearinghouse CDFI has funded $2.2 billion in cumulative lending for over 2,600 projects since inception. These projects have created or retained over 40,000 jobs and benefit 3.9 million individuals. This includes providing over 12,000 affordable housing units since 1996.
Clearinghouse CDFI is honored to receive this award. This award recognizes our commitment to creating economic opportunity to underserved communities and our mission of helping people work, live, dream, grow, & thrive in healthy communities through responsible, affordable lending. We look forward to continuing our work to improve the financial health and well-being of communities throughout the country with emphasis in Arizona, California, Nevada, New Mexico, Oregon, Texas, Washington, and Indian Country.
