LIIF Receives $6 Million from U.S. Treasury’s Capital Magnet Fund to Invest in Affordable Housing
Director of the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund Donna Gambrell and the Deputy Assistant Secretary for Small Business, Housing and Community Development Don Graves, Jr. announced today that the Low Income Investment Fund (LIIF) received $6 million from the CDFI Fund’s inaugural Capital Magnet Fund awards. Congresswoman Barbara Lee participated in today’s event in Oakland to announce the awards, and Speaker of the House Nancy Pelosi provided words of support for San Francisco-based LIIF. LIIF received the highest award of all recipients, which included six organizations in California and 23 nationally. Through the Capital Magnet Fund, U.S. Department of the Treasury allocated a total of $80 million for affordable housing and economic development in low income and underserved rural areas.
The Low Income Investment Fund’s (LIIF’s) President and CEO Nancy O. Andrews said, “We are proud to be a recipient of the CDFI Fund’s first-ever Capital Magnet Fund awards. LIIF has invested in affordable housing for over 25 years, and the need for this capital has never been more critical. Funding and support from the U.S. Department of the Treasury has been crucial for LIIF to be able to continue its work to invest in the nation’s most distressed neighborhoods. We appreciate the work of Speaker Nancy Pelosi and Congresswoman Barbara Lee, who are tireless advocates on behalf of the people that LIIF serves.”
Speaker Nancy Pelosi said, “I have been proud to partner with the Low Income Investment Fund in the development, renovation and preservation of affordable housing in San Francisco… This proven national leader for affordable housing development is today’s largest recipient of funds. I look forward to continuing to work with this innovative organization and advocate on behalf of affordable housing.”
LIIF will use the $6 million award to leverage additional private capital to support a minimum of $180 million in affordable housing, community facilities and economic development activities. In particular, LIIF will support projects that link affordable housing with essential community services, such as schools, child care facilities and transit in economically distressed neighborhoods across the country. Today’s event was held at St. Joseph’s Senior Apartments in Oakland, California. As part of the Lower San Antonio Community Development Fund, LIIF helped to provide $2.8 million in financing for the project in partnership with Northern California Community Loan Fund and Local Initiatives Support Corporation.
Contact: Samantha Hojo, Marketing and Communications Manager, Low Income Investment Fund, (415) 489-6113, firstname.lastname@example.org