Pelosi Statement on Recovery Funds Allocated to Two Bay Area Community Development Funds

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Washington, D.C. – Speaker Nancy Pelosi released the following statement today in response to $2 million grants to both the Low Income Investment Fund and the Northern California Community Loan Fund under the American Recovery and Reinvestment Act:
“The Obama Administration’s allocation of $2 million each in Recovery Act funds to the Low Income Investment Fund and the Northern California Community Loan Fund, both based in San Francisco, for Community Development Financial Institutions is welcome news to the Bay Area. These funds will support new economic recovery projects in our community as our nation is facing many financial challenges.

“The Low Income Investment Fund and the Northern California Community Loan Fund are two organizations that do exceptional work in the Bay Area. The Low Income Investment Fund serves low-income communities in San Francisco, Los Angeles, and New York City. The Northern California Community Loan Fund provides loans and technical assistance to nonprofit organizations that serve low-income communities throughout Northern California, especially affordable housing developers and human service organizations. Their work is essential to providing low-income individuals in our community with adequate access to affordable financial products and services.”

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Background information:

The Department of the Treasury announced $90 million in financial assistance under the American Recovery and Reinvestment Act today for 59 Community Development Financial Institutions committed to serving economically distressed communities across the nation. The Low Income Investment Fund and the Northern California Community Loan Fund, both based in San Francisco, will receive $2 million each in these funds.

The Low Income Investment fund will use the funds from this award to provide pre-development, acquisition, and construction lending to a variety of projects, including affordable housing, charter schools, and child care facilities. The Northern California Community Loan Fund will use its Financial Assistance award for capital reserves and to increase technical assistance to small community organizations.

Source: Office of the Speaker of the House