Wachovia NEXT Awards Recognize Organizations for Investing in Community Development
October 16, 2009 | From the field | Impact Investments

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. The organizations will share $8.25 million in grants and low-cost loans. The Community Loan Fund was selected for its expansion of an innovative financing program for manufactured housing mortgage loans. The Federation of Appalachian Housing Enterprises was recognized for its strategies to eliminate substandard housing conditions in the region. CDFIs are market-driven, private sector institutions, including banks and venture capital funds, dedicated to meeting the financial needs of disadvantaged and hard-to-serve markets nationwide. MacArthur has been a leading supporter of the Opportunity Finance field since the early 1980s, investing almost nearly $250 million in approximately 100 groups nationwide.

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