Cincinnati Development Fund receives $1M award from Treasury Department
Cincinnati Development Fund (CDF) was one of 62 institutions nationwide to be awarded funds from the United States Treasury Department. The $1 million grant money came through the Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) and will enable CDF to increase the pool of funds available to finance affordable housing development and community revitalization in the Cincinnati region. The CDFI Program awarded $52.7 million to the 62 different institutions selected from an applicant pool of 194 which collectively requested over $273 million in awards. The organizations were then selected through a competitive application process involving a Comprehensive Business Plan review, with the grant money expected to be used in ways to expand the capacity of financial institutions to provide capital, credit and financial services to underserved populations and communities. “CDF has proven that access to attractive and appropriately structured financing, coupled with sound technical assistance can be a catalyst for redevelopment of Greater Cincinnati’s most distress communities,” said Peg Moertl, senior vice president and territory executive with PNC Community Development Banking. According to CDF’s executive director Jeanne Golliher the money could not come at a better time. “We have several excellent projects in the pipline that we have not been able to fund due to the current credit environment,” said Golliher. “This is great news and a well deserved award for the Cincinnati Development Fund. CDF is helping to revitalize communities across Cincinnati by making housing more affordable and promoting development in underserved areas,” said Representative Steve Driehaus (D-OH) who welcomed the announcement last week. The $1 million grant money will now move forward and be used to meet the need for niche financing of real estate projects for CDF which is something PNC’s Moertl looks forward to. “PNC has been a longtime supporter of CDF because our participation provides them a cost-effective vehicle to deeply impact important communities by providing smaller but complex loans.” Writer: Randy A. Simes Photography by Scott Beseler Stay connected by following Randy on Twitter @SoapboxRandy
Cincinnati Development Fund (CDF) was one of 62 institutions nationwide to be awarded funds from the United States Treasury Department. The $1 million grant money came through the Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) and will enable CDF to increase the pool of funds available to finance affordable housing development and community revitalization in the Cincinnati region.
The CDFI Program awarded $52.7 million to the 62 different institutions selected from an applicant pool of 194 which collectively requested over $273 million in awards. The organizations were then selected through a competitive application process involving a Comprehensive Business Plan review, with the grant money expected to be used in ways to expand the capacity of financial institutions to provide capital, credit and financial services to underserved populations and communities.
“CDF has proven that access to attractive and appropriately structured financing, coupled with sound technical assistance can be a catalyst for redevelopment of Greater Cincinnati’s most distress communities,” said Peg Moertl, senior vice president and territory executive with PNC Community Development Banking.
According to CDF’s executive director Jeanne Golliher the money could not come at a better time. “We have several excellent projects in the pipline that we have not been able to fund due to the current credit environment,” said Golliher.
“This is great news and a well deserved award for the Cincinnati Development Fund. CDF is helping to revitalize communities across Cincinnati by making housing more affordable and promoting development in underserved areas,” said Representative Steve Driehaus (D-OH) who welcomed the announcement last week.
The $1 million grant money will now move forward and be used to meet the need for niche financing of real estate projects for CDF which is something PNC’s Moertl looks forward to. “PNC has been a longtime supporter of CDF because our participation provides them a cost-effective vehicle to deeply impact important communities by providing smaller but complex loans.”
Writer: Randy A. Simes
Photography by Scott Beseler
Stay connected by following Randy on Twitter @SoapboxRandy
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