Cincinnati Development Fund (CDF) was one of 62 institutions nationwide to be awarded funds from the United States Treasury Department. The $1 million grant came through the Treasury Department's Community Development Financial Institutions Fund (CDFI) and will enable CDF to increase the pool of funds available to finance affordable housing development and community revitalization in the Cincinnati region.
The CDFI Program awarded $52.7 million to 62 different institutions selected from an applicant pool of 194 which collectively requested over $273 million in awards. Organizations were selected through a competitive application process that involved a Comprehensive Business Plan review. The grant money is expected to be used in ways to expand the capacity of financial institutions to provide capital, credit and financial services to underserved populations and communities.
"CDF has proven that access to attractive and appropriately structured financing, coupled with sound technical assistance can be a catalyst for redevelopment of Greater Cincinnati's most distressed communities," said Peg Moertl, senior vice president and territory executive with
PNC Community Development Banking.
According to CDF's executive director, Jeanne Golliher, the money could not come at a better time. "We have several excellent projects in the pipline that we have not been able to fund due to the current credit environment," she says.
"This is great news and a well deserved award for the Cincinnati Development Fund. CDF is helping to revitalize communities across Cincinnati by making housing more affordable and promoting development in underserved areas," said
Representative Steve Driehaus (D-OH) who welcomed the announcement last week.
The $1 million grant money will be used to meet the need for niche financing of real estate projects for CDF which is something PNC's Moertl looks forward to.
“PNC has been a longtime supporter of CDF because our participation provides them a cost-effective vehicle to deeply impact important communities by providing smaller but complex loans."
Writer:
Randy A. SimesPhotography by Scott BeselerStay connected by following Randy on Twitter
@SoapboxRandy
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