A MacArthur-supported awards program for community development financial institutions (CDFIs) announced it will award $8.25 million to three top-performing CDFIs: Florida Community Loan Fund; New Jersey Community Capital; and Rural Community Assistance Corporation in California. 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 and keep housing affordable. 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.
