A MacArthur-supported awards program for community development financial institutions (CDFIs) announced it will award $8.25 million to three top-performing CDFIs: Opportunity Fund in California; NCB Capital Impact in Detroit; and the Housing Partnership Network in Boston. The three CDFIs will use the Wells Fargo NEXT Awards for Opportunity Finance to expand their geographic presence and product offerings to bolster local economies. The NEXT Awards recognize pioneering work by CDFIs, which are market-based, private sector financial intermediaries that provide financing to low-income, low-wealth, and other disadvantaged communities. The Awardees will be recognized at a celebration on October 16 at Opportunity Finance Network's annual conference in Philadelphia, PA.

Program-Related Investments, Community Development, Housing, United States