NCRC Community Development Fund Receives $420,000 Award from CDFI Fund

Washington, DC — The National Community Reinvestment Coalition Community Development Fund (NCRC CDF) has been awarded $420,000 from the Community Development Financial Institutions (CDFI) Fund. This week, the CDFI Fund announced that it has awarded more than $160 million to 152 organizations through the FY2014 round of the CDFI program.

“The NCRC Community Development Fund is picking up tremendous momentum for a number of innovative projects that will greatly benefit low- and moderate-income (LMI) communities,” said NCRC President and CEO John Taylor. “We are very pleased that the CDFI Fund has recognized the effectiveness of NCRC’s CDFI. This award further expands the capacity of the NCRC CDF to address NCRC’s member needs. We are very optimistic that these funds will broaden the NCRC CDF’s success with small business lending and lending in support of our signature homeownership initiative for low- and moderate-income families. We look forward to engaging with other funders and investors who are looking for cutting-edge solutions to the challenges faced by LMI communities.”

“This award supports our highly successful GROWTH (Generating Real Opportunities for Work Through Housing) Initiative, an innovative project that rehabilitates homes and contributes to the stabilization of neighborhoods in low- and moderate-income communities, while providing workforce development opportunities, financial education and housing counseling to members of those communities,” said Ed Gorman, NCRC’s Chief Community Development Officer. “The GROWTH initiative takes a multi-pronged approach that will restore homes to productive use, create jobs, and create vibrant neighborhoods. It is one of a series of exciting new projects to assist LMI communities.”

“We are very excited to  scale up both the housing and small business lending programs and help revitalize communities that have been hit hard by the foreclosure crisis,” said Doug Wilberding, the NCRC CDF’s Executive Director.

The mission of the NCRC Community Development Fund (CDF) is to increase access to capital for low and moderate-income families and individuals. The CDF offers small business loans and with NCRC’s Housing Rehab Fund, offers rehabbed homes to LMI families and housing and credit counseling to homebuyers. NCRC CDF seeks to create and implement long-term solutions, including tools and strategies for building intergenerational wealth for LMI families.

The NCRC CDF is seeking additional funding to scale up its program activities. For more information about the NCRC CDF please contact Doug Wilberding, Executive Director, NCRC CDF at dwilberding@ncrc.org or 202-628-8866.

About NCRC:

The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development and vibrant communities for America’s working families.

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