Community Vision is excited to announce that we were awarded a total of $1.125 million from the Community Development Financial Institutions (CDFI) Fund. The CDFI Fund, a program of the U.S. Treasury, awarded 265 CDFIs $180.3 million in Financial Assistance and Technical assistance grants and loans. Community Vision’s award includes $525,000 for Financial Assistance, $100,000 for Persistent Poverty Counties, and $500,000 for Disability Funds.
This award will support Community Vision’s strategy of cultivating community-owned assets through our Community-Owned Real Estate (CalCORE) program as well as other projects focused on real estate development and ownership. Founded in partnership with Genesis LA, CalCORE is a five-year state-wide initiative that supports small and emergent developers with a focus on Black, Indigenous, people of color-led organizations- particularly Community Development Corporations (BIPOC CDCs) and Community Land Trusts (CLTs). The first of three cohorts began in April 2021 and serves 14 community-based developers. In January 2022 the CalCORE program will open applications for its second cohort.
“These awards will support us in further growing our impact in the Central Valley, developing loan products that increase the capacity of local, community-based developers to compete with land speculators, and providing flexible capital to support affordable housing development for people with disabilities,” said Catherine Howard, President of Community Vision. “This capital will have long lasting impacts for generations to come.”
Financial Assistance – $525,000
This award supports the development of an Emerging Developer Product (EDP), which centers BIPOC-led real estate developers. The EDP will provide low-cost financing for Community Vision’s California Community Owned Real Estate (CalCORE) program participants as well as other community-based BIPOC-led developers. The CalCORE Loan structure addresses roadblocks to accessing capital faced by emerging BIPOC-led housing developers and emerging developers serving BIPOC communities.
Persistent Poverty Counties – $100,000
In the last two years Community Vision financed nearly $4 million in loans and deployed $8.8 million in New Markets Tax Credits to projects in Fresno and Tulare Counties. Persistent Poverty Counties are defined by the CDFI Fund as counties where 20% or more of the population has lived in poverty over the past 30 years. As we continue to grow our presence in the Central Valley, this award supports us in expanding our business development and lending to facilitate community ownership of real estate in order to create spaces that reflect the strengths and desires of local community members.
Disability Funds – $525,000
This award will be used to provide flexible financing to both affordable housing developers and organizations that offer supportive housing services for people with disabilities. Community Vision has a long track record of working with supportive housing developers and service providers that meet the needs of individuals with disabilities. We have provided 32 loans totaling $21.1 million to affordable housing projects serving people with disabilities, and have deployed $78.1 million in New Markets Tax Credits to six projects serving people with disabilities.