Loan Fund Receives $5 Million Capital Magnet Fund Grant
Enterprise Community Loan Fund (ECLF) was just awarded a $5 million Capital Magnet Fund (CMF) grant from the U.S. Treasury Department’s CDFI Fund. This is the fourth consecutive year ECLF has received an award bringing the cumulative CMF awards to $19.8 million.
CMF grants support the preservation, rehabilitation, development or purchase of affordable housing for low-income communities. This award will ultimately be leveraged to support at least $50 million in total development costs to projects creating and preserving homes for low and very-low income families.
Over the years, awards from the Capital Magnet Fund have enabled ECLF to lend $60.3 million to affordable housing developers. To date these funds have leveraged over $681.8 million in total development costs and created and preserved more than 2,587 homes in low-income communities. An illustration of this great work is Capitol View Apartments – a supportive housing program in Atlanta that provides a continuum of services for vulnerable families.
This year's CMF grants, which totaled $130.9 million, were awarded to 23 Community Development Financial Institutions (CDFIs) and 15 nonprofit housing organizations. One hundred and thirteen organizations applied for funding, requesting nearly $522 million in capital.
For the fifth year in a row, Enterprise Community Partners, Inc., has been named to the ImpactAssets 50. IA 50 is the first publicly available database that provides a gateway into the world of impact investing for investors and their financial advisors, offering an easy way to identify experienced impact investing firms and explore the landscape of potential investment options. Now in its ninth year, IA 50 is a Who’s Who of impact fund managers showcasing 50 firms that demonstrate a wide range of impact investing activities across geographies, sectors and asset classes.
Being named to IA 50 helps Enterprise draw further attention to the double bottom line of impact investing – that investors can pursue financial and social returns from the same investment. Through Enterprise's impact investing capabilities, investors can support the creation and preservation of well-designed affordable homes and community facilities. The Enterprise family of companies offers debt and equity impact investments, including an Impact Note, Conventional Equity funds, and Opportunity Funds.
Our thanks to ImpactAssets for once again recognizing our work to connect investors with projects that matter. For more information, contact Charlotte Crow at email@example.com, and view our ImpactAssets 50 profile.