Infusion of Capital to Spur Affordable Housing in Economically Distressed Neighborhoods
New York- The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded $1.4M to CSH in the latest round of funding announced last week. CSH will use this new infusion of capital to increase and streamline the development of affordable housing with services in economically distressed communities.
“This year’s award comes at a time when the demand for investment in affordable housing with supportive services (supportive housing) is at an all-time high,” said Deborah De Santis, CSH President and CEO. “CSH will utilize this infusion of capital to leverage our existing lending capacity, spark additional development in communities where poverty rates continue to grow, and develop lending solutions to reduce the time it takes for a project to go from concept to construction.”
The CDFI Fund award CSH received includes $300,000 specifically for “Persistent Poverty Counties,” designed to spark development in counties across the nation where the rate of poverty is consistently high. CSH will use this new capital source to enhance our capacity to invest an estimated $22M over the next three years in communities in Bronx and Kings Counties, New York, where we have a strong pipeline.
CSH Chief Lending Officer Brigitt Jandreau noted, “we see great opportunity to assist borrowers in developing projects that complement both the State and City of New York’s supportive housing pipeline goals. With this new funding, we will make an important contribution toward ensuring housing with community-based services is available where the need is great.”
Supportive housing is a proven intervention that transforms the lives of people in need of stable housing and services such as medical and mental health care, substance use treatment, and job training. CSH, a certified CDFI established in 1991, is the nation’s leader in developing access to supportive housing.
CSH funding, expertise and advocacy have provided more than $1 billion in direct loans and grants for supportive housing across the country. Building on nearly 30 years of success developing multi and cross-sector partnerships, CSH engages broader systems to fully invest in solutions that drive equity, help people thrive, and harness data to generate concrete and sustainable results.
By aligning affordable housing with services and other sectors, CSH helps communities move away from crisis, optimize their public resources, and ensure a better future for everyone.