Pelosi Statement on $6 Million Grant to San Francisco's Low Income Investment Fund

Oct 14, 2010, 15:07 ET from Office of the Speaker of the House

WASHINGTON, Oct. 14 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the following statement today after the Treasury Department announced $80 million in Community Development Financial Institutions Fund (CDFI Fund) grants for the development of affordable housing in low-income communities, as part of its new Capital Magnet Fund.  The Treasury Department announced 23 such grants, including $6 million to San Francisco's Low Income Investment Fund.

"By supplying credit to disadvantaged communities and leveraging private funds, we can ensure that community organizations have the tools they need to allow every American to have access to an affordable home in a safe neighborhood.

"Over the past two years, Congress has spurred economic development by more than doubling funding for CDFIs, creating the low-income housing Capital Magnet Fund and investing $100 million for CDFIs as part of the American Recovery and Reinvestment Act. This commitment has generated opportunities, created jobs and revitalized neighborhoods.

"San Francisco has long been a national model for investments in community development and affordable housing, aggressively working to make certain all people have the dignity of the shelter they deserve.

"I have been proud to partner with the Low Income Investment Fund in the development, renovation and preservation of affordable housing in San Francisco, such as at Nihonmachi Terrace. This proven national leader for affordable housing development is today's largest recipient of funds. I look forward to continuing to work with this innovative organization and advocate on behalf of affordable housing."

SOURCE Office of the Speaker of the House