OFN Exceeds $40 Million in Finance Justice Capital Deployed to Member CDFIs
OFN is pleased to announce the latest recipients of Finance Justice Fund loans and grants.
Since February, OFN has committed more than $50 million, including more than $39 million in loans closed and $1.65 million in grants disbursed, to OFN member CDFIs working on the ground across the nation to direct capital and technical assistance to local communities experiencing disproportionately high rates of poverty and disinvestment.
Congratulations to the following CDFIs on their recent funding:
- Affordable Homes of South Texas, Inc. is a community-based nonprofit organization dedicated to enhancing quality of life by providing affordable housing and related services to eligible families. For 45 years, Affordable Homes of South Texas, Inc. has served thousands of families in the community with solutions for their housing needs.
- Carolina Small Business Development Fund (CSBDF) promotes community economic development via affordable financing, technical assistance, and policy research. CSBDF’s work helps aid in neighborhood-level revitalization and sustainable development via small business creation and expansion.
- Chicago Community Loan Fund (CCLF) has been providing low-cost, flexible financing to nonprofit and for-profit community development organizations for the revitalization of low- and moderate-income neighborhoods throughout metropolitan Chicago since 1991.
- Corporation for Supportive Housing (CSH) is a national CDFI that helps communities create permanent housing with services to prevent and end homelessness. CSH fulfills its mission by providing technical assistance, training, grants, and loans to project sponsors, service providers, affordable housing developers, and government partners, and by advocating for a more favorable policy environment for supportive housing creation and operation.
- Fahe is on a mission to eliminate persistent poverty in Appalachia. With a focus on leadership, housing, education, health and social services, and economic opportunity, Fahe empowers the people and communities of Appalachia with the resources, opportunities, and tools needed to build a better life.
Visit OFN’s website to see the full list of CDFIs that have received Finance Justice Fund loans and grants to date.
In November 2020, OFN and Twitter launched the Finance Justice Fund to address long-standing issues of disinvestment, the racial wealth gap, and persistent poverty nationwide. The socially responsible investment aims to bring $1 billion in capital from corporate and philanthropic partners to rural, urban, and Native communities most underserved by mainstream finance.
In June 2021, Wells Fargo joined Twitter as a philanthropic supporter of the Fund with a $25 million grant.
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Corporations and philanthropies interested in investing in the Finance Justice Fund, please contact Amir Kirkwood, OFN’s chief investment and network officer.
CDFIs interested in learning more about the Finance Justice Fund, visit OFN’s Finance Justice Fund page or contact Lisa Wright, senior vice president of financial services.