The Community Loan Fund of the Capital Region has successfully secured $3.7 Million dollars in grant funding from the Capital Magnet Fund to promote and fund affordable housing and economic development activities in areas of low socioeconomic status.
The Capital Magnet Fund was established in 2008 by way of the Housing and Economic Recovery Act and grant funding comes from Government-Sponsored Entities Fannie Mae and Freddie Mac. The fund awards these highly competitive grants to CDFI’s and qualified non-profit housing organizations across the United States. The Community Loan Fund was one of fifty-nine nationwide organizations and one of three in New York State to receive part of the $336.4 Million dollars granted from the Capital Magnet Fund.
“The Community Loan Fund is honored to have received this award from the Capital Magnet Fund, due in part to the passion and dedication that our supporters and staff possess when it comes to promoting financial inclusion across the Capital Region” said Linda MacFarlane, Executive Director of the Community Loan Fund. “By selecting the Community Loan Fund for this grant, the Capital Magnet Fund is reaffirming the dedication that we have towards supporting programs and initiatives that uplift and empower low-income families and organizations across the Capital Region.”
To learn more about the Capital Magnet Fund and this years awards recipients please click below: