IMPACT DEVELOPMENT FUND AWARDED $5 MILLION GRANT FROM U.S. TREASURY COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND
LOVELAND, Colo. (April 30, 2019) – Impact Development Fund (IDF), a nonprofit financial institution which creates economic opportunity by delivering flexible capital to strengthen underserved Colorado communities, is pleased to announce it has received a $5 million Capital Magnet Fund (CMF) Award from the United States Treasury’s Community Development Financial Institutions Fund (CDFI Fund). The CDFI Fund serves to enable financial institutions to increase lending and investment activity in low-moderate and economically distressed communities across the nation.
The CMF Award was created to catalyze investment activity in affordable housing and other economic development activities in low-moderate income communities nationwide. IDF was one of 38 organizations to receive a CMF Award in the most recent round of award applications. The awardees were selected after a merit-based competitive review of applications submitted from 116 organizations throughout the country.
IDF will utilize its award to support its affordable housing lending activities in the state of Colorado. Specifically, supported by the $5 million CMF Award, IDF will leverage an additional $15 million in loan fund capital to preserve 759 affordable housing units for Colorado residents. A minimum of 11% of the award will be dedicated to Colorado’s rural communities.
“We expect to leverage this award to assist affordable rental projects with expiring affordability compliance periods and mitigate the risk of units transitioning to market rate housing,” said Executive Director, Sean Doherty. “Of course, loss of existing units only further exacerbates the shortage of affordable units throughout the state. By intervening with CMF financing, IDF can help those properties maintain affordable rates, and maintain housing security for Colorado families.”
IDF has been serving low-moderate income families through its residential and non-profit lending programs throughout Colorado for over 20 years. Since its inception, IDF has financed over $165 million in affordable housing and non-profit facilities across the state, leveraging over $2 billion in total project costs. For more information on IDF visit impactdf.org.
For more information on the CDFI Fund visit cdfifund.gov.