Corporation for Supportive Housing (CSH), a national nonprofit and certified Community Development Financial Institution (CDFI) received $3.7 million from the U.S. Treasury's CDFI Fund to boost housing development and support for communities disproportionately affected by the COVID-19 pandemic.
CSH will use the funds for our Redesigning Access by Centering Equity (RACE) Initiative, which aims to invest $200 million in capital and resources for Black, Indigenous and People of Color (BIPOC) communities. The RACE Initiative offers early-stage and pre-development loans with flexible, low-interest rates to housing developers that are BIPOC-led or owned, along with CSH's nationally-recognized technical assistance and opportunities to connect developers to additional funding streams.
"This award will help CSH reach even more housing developers committed to advancing affordable and supportive housing that serves people who experience complex barriers to accessing and maintaining a safe home," said Deborah De Santis, President and CEO at CSH. "CSH is grateful to the U.S. Department of Treasury for the award and for directing their resources to communities affected by longstanding racism and discrimination."
The CSH award is part of $1.73 billion in grants the U.S. Department of Treasury Equitable Recovery Program issued to more than 600 CDFIs nationwide.
Through the RACE Initiative, CSH is providing tailored:
- Loans and other financial products to meet the needs of BIPOC developers;
- Training to help established and emerging BIPOC developers successfully finance and develop affordable and supportive housing projects;
- Technical assistance to equip BIPOC developers with the expertise and tools needed to develop supportive housing; and
- Policy and systems-level work to move the field towards eliminating barriers and further prioritizing BIPOC developers for financing.
CSH is actively seeking additional funding for our $200 million initiative. As an AA 4-Star Policy Plus AERIS-rated CDFI, CSH is committed to serving BIPOC communities and advancing affordable and supportive housing.
To learn more about the CSH RACE Initiative, visit www.csh.org/race.