Contact: Dan Stern,
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HAC receives $794,500 CDFI Fund grant to facilitate the development and preservation of affordable housing in rural America
Washington, DC, September 30, 2020– The Housing Assistance Council (HAC) has been awarded a $794,500 grant from the Community Development Financial Institutions (CDFI) Fund to develop and preserve affordable housing throughout the rural United States.
“HAC is thrilled to partner with the CDFI Fund to improve housing conditions for the people who need it most in rural America,” said David Lipsetz, President & CEO of the Housing Assistance Council. “Rural communities are brimming with potential. This investment in HAC helps unlock it.”
About the CDFI Fund
The CDFI Fund was created to promote economic revitalization and community development through investment in and assistance to Community Development Financial Institutions. Since its creation in 1994, the CDFI Fund has awarded more than $3.6 billion to CDFIs, community development organizations, and financial institutions; allocated $61 billion in tax credit allocation authority; and closed guaranteed bonds in the amount of $1.61 billion. To learn more about the CDFI Fund and its programs, please visit the CDFI Fund's website at www.cdfifund.gov.
What HAC will do with the money
HAC will use its award to make loans to local nonprofit housing developers in rural parts of the U.S. to create or preserve more than 110 rental homes for low-income individuals and families. Half of the units will be affordable for residents with incomes below 50 percent of the median income in their areas.
HAC provides not only loans, but also specialized assistance that supports emerging and established nonprofit developers working in rural places. These developers are often smaller and have fewer resources than their counterparts in cities, so HAC helps increase their organizational and financial capacity to address housing needs in their communities.
Many of the loans will provide long-term mortgages for nonprofit property owners. Others will cover short-term “predevelopment” costs such as market studies, architecture, engineering, and environmental and soil analyses, that must be incurred before construction or permanent financing.
About the Housing Assistance Council
HAC, founded in 1971, is a nonprofit corporation that supports the development of rural low-income housing nationwide. HAC provides technical housing services, loans from a revolving fund, housing program and policy assistance, research and demonstration projects, and training and information services. HAC is an equal opportunity lender.
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