We are pleased to announce that NeighborWorks Capital has been awarded a Financial Assistance (FA) grant from the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund. This award is part of the $408.2 million in FA grants distributed to 357 CDFIs across the country through the fiscal year 2024 funding round of the CDFI Program and Native American CDFI Assistance Program.
NeighborWorks Capital is a national non-profit Community Development Financial Institution (CDFI) that serves NeighborWorks organizations in all 50 states, including the District of Columbia and Puerto Rico. This $800,000 FA award will enable NeighborWorks Capital to further support NeighborWorks organizations to move their real estate development pipelines forward and increase their capacity to deliver affordable housing and other community development real estate by providing flexible, affordable, and responsive lending solutions for rental, for sale, and commercial real estate projects as well as organizational-level loans for capacity building and growth.
“This award is a testament to the hard work of our team and partners who are committed to addressing the pressing needs of affordable housing,” said Jim Peffley, Chief Executive Officer of NeighborWorks Capital. “We are honored to receive this Financial Assistance award from the CDFI Fund, and we look forward to expanding our efforts to provide critical financing to underserved communities.”
The CDFI Fund’s Financial Assistance program is designed to provide CDFIs with the financial resources they need to promote economic growth and community revitalization. The FA award is granted to organizations like NeighborWorks Capital that have demonstrated their ability to make a measurable impact in underserved and distressed communities.
About NeighborWorks Capital
NeighborWorks Capital is a national non-profit, certified Community Development Financial Institution (CDFI) serving NeighborWorks America organizations, nearly 250 strong, capable non-profit housing and community development organizations in every state, District of Columbia, and Puerto Rico. These organizations provide communities with affordable housing, financial counseling, training, and resident engagement in the areas of housing, health, employment, and education. Since its inception, NeighborWorks Capital has deployed over $500 million in loan capital to support the NeighborWorks network. In 2023, NeighborWorks Capital received its first-ever S&P Global issuer credit rating of A+/Stable, sighting key strengths in capital adequacy, profitability, liquidity, and financial management. NeighborWorks Capital is a member of the Federal Home Loan Bank of Atlanta, a cooperative of eligible commercial banks, credit unions, savings institutions, community development financial institutions (CDFIs), and insurance companies that offer competitively-priced financing, as well as affordable housing and community development grants. The organization has been Aeris-rated since 2011 and has an AA- financial strength and performance rating, indicating strong financial capability, performance, and risk management practices. For more information, visit: https://neighborworkscapital.org/
About the CDFI Fund
Since its inception in 1994, the CDFI Fund has provided more than $7.8 billion through a variety of monetary award programs, $81 billion in tax credits through the New Markets Tax Credit Program, and has guaranteed nearly $2.5 billion in bonds through the CDFI Bond Guarantee Program, all to increase the impact of CDFIs and other community development organizations in economically distressed and underserved communities. During this time, the CDFI Fund has helped build the capacity of more than 1,400 Certified CDFIs, which are located in all 50 states as well as in the District of Columbia, Guam, and Puerto Rico. To learn more about the CDFI Fund and its programs, please visit www.cdfifund.gov. Additional information about the CDFI Program is available at www.cdfifund.gov/cdfi , and the NACA Program at www.cdfifund.gov/native.
