MacArthur in partnership with the Wachovia Foundation and the Opportunity Finance Network, today announced a five-year $42 million awards program for community development financial institutions (CDFI) serving low-income and low-wealth people throughout the U.S. The three partners hope the new NEXT Awards program will bring more attention to the contributions of CDFIs around the country. The first recipients will be announced in December 2007. The awards program is supported through a $25 million low-cost, long-term loan (or program-related investment) from MacArthur and $16.75 million grant from the Wachovia Foundation. Read the press release.
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.