Award Will Provide Lending Capital to Underserved Communities, Including Support for Persistent Poverty Counties and Disability-Related Projects
Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) is proud to announce that it has been awarded a total of $2,350,000 in Financial Assistance (FA) awards from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). These awards, part of the FY 2024 funding round, are intended to support Clearinghouse CDFI’s mission of driving positive economic change in distressed and underserved communities across the United States.
The breakdown of the awards includes:
- Base Financial Assistance Award: $1,250,000
- Persistent Poverty County Financial Assistance Award: $100,000
- Disability Funds Financial Assistance Award: $1,000,000
This funding will allow Clearinghouse CDFI to continue its critical work, expanding affordable financial services and investments to low-income communities, with a special focus on those experiencing persistent poverty and individuals with disabilities. Clearinghouse CDFI is committed to creating economic opportunities that foster growth, job creation, affordable housing, and improved access to essential services for historically underserved populations.
The Base Financial Assistance Award will provide Clearinghouse CDFI with the resources needed to expand its operations, offer new financial products, and reach additional communities that lack access to traditional financial services. The Persistent Poverty County award will support lending efforts in counties where more than 20% of the population has lived in poverty for over 30 years. Finally, the Disability Funds Financial Assistance Award will help Clearinghouse CDFI finance projects that provide critical support to individuals with disabilities including affordable, accessible housing and employment opportunities.
Since its inception, Clearinghouse CDFI has funded $2.5 billion in total loans for 2,670 community projects over the past 28 years. These projects have created or retained more than 43,800 jobs and benefited over 4.8 million individuals. Clearinghouse CDFI loans have also created 13,060 affordable housing units. In 2023, 47% of Clearinghouse CDFI’s financing benefited projects in low-income communities, serving 84,780 African American clients, 363,600 Latino/Hispanic clients, and 54,570 Native American/Native Alaskan clients. The organization also developed, rehabilitated, or preserved 864 units of affordable housing, with 49% of projects financed in 2023 being minority-owned or primarily serving minority populations.
About Clearinghouse Community Development Financial Institution (Clearinghouse CDFI):
Clearinghouse CDFI addresses unmet credit needs throughout the U.S. and in Indian Country through direct lending, equity investments, and financial assistance. Since 1996, Clearinghouse CDFI has helped bridge the gap between conventional lending standards and the needs of low-income, distressed, and communities of color. Clearinghouse CDFI is also a B Corp—a certification received from the nonprofit B Lab. B Corps are companies that meet rigorous standards of social and environmental performance, transparency, and accountability, and use business as a force for good. More information is available at www.ccdfi.com.
