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OPEN ACCESS/REAP Selects Candidates for Fellowships in Community Development Finance
Initiative offers experience, mentorships, training, and networking to diverse professionals Nationwide – On MLK Day, January 17, 2022, the day that celebrates the life and legacy of Dr. Martin Luther King, Jr., the Open Access/REAP Program has announced the selection of 23 highly qualified professionals for its second annual Open Access Fellowship Program in community…
What is community development finance, per the fed?
Community development finance is a broad term encompassing the varied sources of funding that support stronger and more resilient communities around the country. Community Development staff at the Federal Reserve promote new and established sources of community development finance for low- and moderate-income (LMI) communities by working closely with financial institutions, community development organizations, nonprofits,…
Why Communities Invest in Economic Development
Economic development is more important than ever during times of economic retraction and downturn as communities strategize for business growth and resiliency. Economic developers and the programs they implement are an investment in growing and sustaining local economies. They help support the local businesses who contribute to the workforce and the municipality’s coffers as it…
FISCAL YEAR 2021 STEM TALENT CHALLENGE
The U.S. Economic Development Administration (EDA) has published the Fiscal Year (FY) 2021 STEM Talent Challenge Notice of Funding Opportunity making $2 million available to eligible entities to create and implement STEM talent development strategies that complement their region’s innovation economy. The STEM Talent Challenge provides funding for work-and-learn programs to increase America’s STEM-capable workforce in emerging and transformative…
House Financial Services Committee Approves $322 Billion for Housing, Community Development Resources
The U.S. House of Representatives Financial Services Committee today voted to approve legislation that drives $322 billion to housing and community development resources. The committee’s budget amendment includes $80 billion to build, preserve or retrofit more than 3 million affordable housing units, with $37 billion for the National Housing Trust Fund, $35 billion for the HOME program…
CNote: Connecting Investors with CDFIs to Support Community Impact
Community Development Financial Institutions (CDFIs) bridge the gap between low-income individuals, families and businesses and the financial resources that they need in order to thrive. CDFIs leverage their financial resources by working with state and federal agencies, foundations, other financial institutions, and private companies. One such company is CNote— a financial technology company based in…
Creative Covid Solution in hawaii
CDFI Support for Hawaiian Ohanas Helps Families Threatened by COVID-19 Hawaiian culture places major emphasis on the importance of family or “ohana,” which is an extended family unit that includes multigenerational family members living together as one unit. Because COVID-19 is highly contagious and poses an especially lethal threat to the elderly and persons affected…
Alejandra Y. Castillo Sworn in as U.S. Assistant Secretary of Commerce for Economic Development
WASHINGTON – Today, Alejandra Y. Castillo was sworn in as U.S. Assistant Secretary of Commerce for Economic Development by Secretary of Commerce Gina Raimondo. The action follows the August 11, unanimous U.S. Senate vote to confirm Castillo as the new administrator of the U.S. Economic Development Administration (EDA). An experienced public administrator who previously served as National…
Redefining risk to catalyze capital for community-based real estate developers
Commercial real estate is the “least diverse industry on the planet,” according to the Commercial Real Estate Development Association. 84% of CDCs (Community Development Corporations) are led by executive directors who are white, according to NeighborWorks America. Meanwhile, Black people make up nearly half of those living in federally financed affordable homes.
Enterprise Closes $236 Million Low-Income Housing Tax Credit Fund
COLUMBIA, Md. (July 21, 2021) – Enterprise Community Partners (Enterprise) today announced the closing of Enterprise Housing Partners Fund XXXV (EHP 35), a $235.7 million Low-Income Housing Tax Credit (housing credit) fund. With commitments from 10 investors, the fund will help create or preserve 2,529 affordable homes across 19 properties in 14 states. EHP 35…
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