MELBOURNE, Fla., May 18, 2018 /PRNewswire/ -- Champions Funding LLC, a leader in joint venture community revitalization initiatives, has earned Community Development Financial Institution (CDFI) certification from the United States Department of Treasury. The certification positions Champions Funding to expand its efforts in providing affordable community housing financial packages designed to stabilize neighborhood communities and assist low-income families and individuals in becoming homeowners.
The CDFI notification comes as Champions Funding continues its funding participation in the Nehemiah Project Phase II joint venture with the City of Tampa Bay and community revitalization group Rebuilding Together Tampa Bay (RTTB), the project's lead agency. Launched in September of 2016, Champions Funding is providing some $2-million in funding for the ongoing construction of 18 three-bedroom, two-bath homes in the historic Sulphur Springs section of Tampa Bay. All 18 homes have been placed under sales contract with qualified low-income homebuyers with a waiting list for more.
CDFI certification is awarded to non-governmental institutions dedicated to community development in target areas. With CDFI certification in hand, Champions Funding now has access to a wider variety of programs available to invest in businesses, housing, real estate and other community development services. The result of the 1994 Riegle Community Development and Regulatory Improvement Act, CDFI certification is awarded only to organizations which pass a rigorous application process and have a documented devotion and successful track record in community improvement. As of November 2017, there were only 1,101 CDFI organizations nationwide. Champions Funding is now among only 40 certified organizations in the state of Florida.
Champions Funding LLC president Ron Mulberry, "This year is going to be dedicated to growing the Champions Funding Coalition of Non-Profits, and along with expanding our coalition, Champions Funding plans to provide funding for the rehabilitation and/or construction of an additional 50 homes in the course of the next year."
Champions Funding is a wholly-owned subsidiary of Melbourne-based parent company Community Champions Corporation, a constellation of incredible partners designed to establish business relationships with local government, non-profit organizations, as well as investors to provide solutions and enhancements to internal programs, neighborhood stabilization, community development, animal welfare services, and law enforcement.
Community Champions Corporation managing director, Tom Darnell, welcomed the CDFI certification news as an illustration of Community Champions' best practices in cost-effectively meeting public-private partnership goals.
"The CDFI certification is another positive step in the core mission of Champions Funding and our entire umbrella of companies," said Darnell.
"Champions Funding construction loans, technical support and financing expertise all help fill an unmet need for resources designed to team with local nonprofits and municipalities. Those partnerships have resulted in the successful financing of new construction and the rehabilitation of scattered-site of single family homes and neighborhood clusters in distressed residential areas into stable, affordable homes for families in need."
SOURCE Community Champions