In addition to its grantmaking, the Foundation makes program-related investments (PRIs), which are low-cost loans and equity investments provided at below-market rates to support charitable activity. Most of the Foundation’s PRIs are used to support specialized intermediaries known as Community Development Financial Institutions (CDFIs), and to support Window of Opportunity, a $150 million grant and PRI initiative designed to help preserve affordable rental housing across the country.
Two of the nation’s leading community development financial institutions — New Hampshire-based Community Loan Fund and Kentucky-based Federation of Appalachian Housing Enterprises — received the 2009 Wachovia NEXT Awards for Opportunity Finance. Read more »
In a victory for community financial development institutions (CDFIs), newly-passed legislation includes $247 million for the CDFI Fund of the U.S. Treasury Department — a dramatic increase over its $107 million budget in 2009. The 2010 budget includes $80 million for a new Capital Magnet Program that will provide large, one-time grants to both CDFIs, which serve low-wealth, low-income communities, and nonprofit housing owners. Foundation grants to the Low Income Investment Fund, the Housing Partnership Network, and the Opportunity Finance Network helped support the policy analysis and public education efforts that led to the successful enactment of this new program.
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