LIIF Awarded $1 Million Grant from the Community Development Financial Institutions Fund
The U.S. Treasury Department announced that the Low Income Investment Fund (LIIF) was one of 89 organizations around the country to receive grants totaling more than $54 million through the CDFI Fund’s Financial Assistance Program. LIIF will use the $1 million grant to expand its base of support for affordable housing and community facilities projects, including child care centers and charter schools in economically distressed communities across the nation.
Since its inception in 1984, LIIF has leveraged grants such as this to raise private capital and make a wide range of community development loans. This CDFI Fund 2008 grant will allow LIIF to continue its critical work that has, to date, supported 53,000 units of affordable housing, over 100,000 child care spaces and 41,000 classroom spaces.
LIIF’s President and CEO Nancy O. Andrews noted, “This grant will enable us to meet the growing demand for LIIF’s lending products and services in an increasingly volatile capital market. We are delighted to be in the company of other deserving awardees who, together, are addressing the tremendous needs faced by low income communities.”
In announcing the grants, CDFI Fund Director Donna J. Gambrell said, “ … CDFIs are successful at implementing innovative approaches to economic development. By embracing new traditions of sustainability and economic diversification, CDFIs are helping to map the future of revitalization and growth in low income communities.”