Monday, August 23, 2010

Cincinnati Development Fund awarded $750K

Cincinnati Development Fund (CDF), a non-profit providing gap financing for projects that are traditionally difficult to finance through other sources, has received $750,000 from the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI).

CDFIs are for-profit and non-profit lending organizations for low-income individuals who do not have access to financial services.

Since its establishment in 1988, CDF has made over $200 million in loans, resulting in the creation of over 3,500 units of housing. Ninety-five percent of CDF loans have been made in low-income housing tracts, primarily for the creation of affordable housing.

"This funding is critical to getting the housing market in Cincinnati back on track," U.S. Rep. Steve Driehaus (OH-1) said in a media release. "For over two decades, the Cincinnati Development Fund has assisted low income families with assistance to buy homes. A home is a family's most important investment, and this funding will provide many potential homebuyers with fair and affordable mortgages."

Other partners in CDF funding include the City of Cincinnati and more than two dozen financial institutions, foundations, and bank community development corporations.

Previous "Cincinnati Development Fund" stories on BC:
With new ownership, abandoned Downtown condo project could see new life (8/9/10)
Life on Dandridge! (11/2/09)
Underserved neighborhoods to see new fund for housing, commercial development (10/6/09)
Program restructuring could stimulate housing, commercial development (8/5/09)
DCD will not increase number of properties eliglible for rental rehab program (8/4/09)