The Treasury Department announced that banks that are certified as community development financial institutions (CDFIs) can utilize funds from the government’s $700-billion financial rescue package. CDFI banks will be able to use these new funds to finance projects and activities such as small businesses, developing and operating community facilities, or constructing housing in low-income communities. This is a win for a coalition of Foundation-supported organizations, including the CDFI Coalition, the Opportunity Finance Network, ShoreBank, and the National Federation of Community Development Credit Unions. To date, MacArthur has provided almost $300 million in grants and program-related investments to CDFIs in the U.S.
Community & Economic Development
Helping to increase social and economic opportunities for low-income Chicagoans, MacArthur supports the New Communities Program, a comprehensive community revitalization effort in 16 Chicago neighborhoods, as well as communication of its lessons learned to other cities and the field.