Loan Fund Wins $1 Million Award, Will Grant to Our Housing Partners
Enterprise Community Loan Fund joined the Federal Home Loan Bank of Atlanta in 2015, and one benefit of membership is access to grants through its Affordable Housing Program (AHP). We received our first AHP award in June – a $1 million grant which will be split between two of our housing partners. Loan Fund has provided financing to the Midwest Affordable Housing Corporation and Montgomery Housing Partnership, and through AHP we will provide each organization with a $500,000 grant to support projects in Wisconsin and Maryland.
Residences at Library Park
- Kenosha, Wisconsin
- Builder: Midwest Affordable Housing Corporation
- Impact: MAHC is renovating a vacant YMCA building centrally located in downtown Kenosha to create 49 new homes which will be affordable to struggling families with limited means. Downtown Kenosha is on the “cusp of revitalization” and the creative reuse and rehabilitation of the YMCA building will add to that progress.
- Hyattsville, Maryland
- Builder: Montgomery Housing Partnership
- Impact: MHP is renovating their Parkview Manor building, which currently provides 53 affordable homes to families living and working in the expensive Washington, D.C. region. Residents will benefit from improvements to their homes, including many sustainable features the promote healthy living and adhere to Enterprise Green Communities criteria.
“The funding announced today will not only create affordable housing opportunities for those who need it the most – it will also spur economic development and create jobs in the Hyattsville area.” - Senator Chris Van Hollen.
“The funding will help revitalize a growing Prince George’s County neighborhood all while creating well-paying, local construction jobs. That’s the very definition of a smart investment.” - Senator Ben Cardin