LIIF Receives $50 Million through the Treasury’s Bond Guarantee Program
This week, Community Reinvestment Fund, USA (CRF) issued a $165 million bond in the fourth round of the US Treasury Department’s CDFI Bond Guarantee Program (BGP). LIIF is proud to receive $50 million during this round, which will support loans in many of our nation’s undeserved areas.
“The CDFI Bond Guarantee Program has proven to fill a critical gap by providing stable long-term financing for schools, health clinics and other services needed for healthy, vibrant communities. This is capital high impact organizations do not traditionally have access to and means more resources are dedicated to providing services and programs. The CDFI Bond Guarantee Program enables organizations like LIIF, CRF USA, CIP and Reinvestment Fund to expand our impact for low income families and communities,” said Kimberly Latimer-Nelligan, Chief Operating Officer & Executive Vice President, Community Investment Programs.”
Projects previously supported by LIIF through the program include the KIPP Cooper Norcross Academy in New Jersey. Many schools in underserved communities, like Camden, struggle to find quality, permanent facilities. The long-term, flexible capital from the CDFI Bond Guarantee Program enabled KCNA to join New Jersey’s innovative Renaissance School District and work to improve the educational opportunities for the city’s youth.