U.S. Treasury Department Awards LIIF $860,000 Community Development Financial Institutions (CDFI) Fund Grant
The U.S. Treasury Department announced on Friday, September 14, that the Low Income Investment Fund (LIIF) was one of 68 organizations around the country to receive grants totaling $27 million through the CDFI Fund’s Community Development Financial Institutions Program. LIIF will use the $860,000 grant to expand its base of support for affordable housing and community facilities projects, including child care centers and charter schools.
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 2007 grant will allow LIIF to continue its critical work that has, to date, supported 54,000 units of affordable housing, 47,000 child care spaces and 38,000 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 Kimberly Reed said that the awardees are on the front line of creating real solutions. “The awards we are making today will provide these community-based lenders with the resources to do even more for their communities.”
LIIF’s grant is among the top seven largest awarded in this 2007 round of the CDFI Fund Program.