BOSTON, Sept. 26, 2016 /PRNewswire/ -- The U.S. Department of Treasury awarded a $4.5 million Capital Magnet Fund (CMF) grant to Boston Community Capital's (BCC) Loan Fund on September 22. The grant, which was awarded by DOT's Community Development Financial Institutions (CDFIs) Fund, will support BCC's work to preserve and create affordable housing in communities across the country.
"Cities across the Northeast are grappling with affordable housing challenges, ranging from the disappearance of affordability in rapidly gentrifying neighborhoods to the need to rehabilitate and repurpose vacant commercial buildings," said Elyse Cherry, CEO of Boston Community Capital. "This Capital Magnet Fund grant will be critical in helping us leverage new funds for projects that have the potential to transform neighborhoods – and keep them affordable for people at all income levels."
Of the 125 organizations that submitted applications for this competitive grant, just 32 CDFIs and nonprofit housing organizations received over $91 million of capital for the development of affordable housing for very low-income families.
To date, BCC has invested more than $1 billion in projects that create opportunities in low-income communities, like affordable housing, community health resources, clean and fixed-rate energy, as well as child care and education, including developing or rehabilitating over 18,000 units of housing. BCC will use the CMF ward to support impactful affordable housing development initiatives in high-poverty cities across the Northeast.
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SOURCE Boston Community Capital