Enterprise to Reinvest $1.3M+ Award into Communities, Healthy Food Initiatives
Enterprise Community Loan Fund is proud to announce that we have received three awards from the Community Development Financial Institutions (CDFI) Fund at the U.S. Treasury Department. The CDFI Fund promotes economic revitalization and community development by supporting CDFIs.
This year, Loan Fund received:
- $650,000 Financial Assistance (FA) award, which will allow us to serve some of the hardest-to-reach communities,
- $500,000 Healthy Foods Financing Initiative-Financial Assistance (HFFI-FA) award, which will help us continue supporting projects and businesses that expand access to fresh and healthy foods, and
- $237,500 Persistent Poverty Counties-Financial Assistance (PPC-FA) award, which will enable us to support communities with a history of substantial poverty.
These awards help Loan Fund continue providing flexible, affordable financing to our housing and community development partners. Over the past five years, almost 90 percent of our portfolio has been dedicated to serving residents who earn 80 percent or less of area median income (AMI). The vast majority live in High Poverty Area communities and a significant number, 40 percent, reside in Persistent Poverty Area communities. In addition, we have allocated every dollar of HFFI-FA awards toward projects in food deserts across the country.
For the fiscal year 2020 round, the CDFI fund awards will provide $187 million in grants to 357 organizations nationwide.
For more information, view the FY 2020 CDFI Program awards