The U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) today awarded $1.653 Million to CSH through the latest round of funding that falls under the Community Development Financial Institutions Program (CDFI Program) FA 2015 Award/Allocation.
“Today’s awards highlight how much the CDFI Program has contributed in its 20 year history towards building a strong network of CDFIs across the country,” said CDFI Fund Director Annie Donovan. “These important community partners are not only on the frontlines of economically distressed communities providing needed capital and credit, they are building a more inclusive economy which benefits the nation as a whole.”
According to CSH President and CEO Deb De Santis, CSH will combine the latest award from CDFI with capital on hand to make nearly 200 loans through the end of 2017, resulting in approximately 6,000 new supportive housing residences across the country.
"This award from CDFI will allow us to leverage $6 Million in additional capital and will keep our rates affordable to borrowers, which is critical because many of the providers creating supportive housing have few resources to draw on and very little wiggle room when it comes to costs," said De Santis.
Supportive housing is a proven intervention that transforms the lives of vulnerable people in need of stable housing and services such as medical and mental health care, substance use treatment, and job training. CSH is the nation's leader in developing access to supportive housing.
CSH is a certified CDFI established in 1991. CSH provides predevelopment, acquisition, construction, and mini-permanent financing to create supportive housing.
CSH just announced this week it has surpassed the $500 Million mark in grants and lending to supportive housing projects in 225 communities, creating access to 200,000 homes in every part of the country.