BOSTON, Sept. 30, 2020 /PRNewswire/ -- BlueHub Loan
Fund announced today it was awarded over $3.7 million in funding from the Department of
the U.S. Treasury's Community Development Financial Institutions
(CDFI) Fund. This is the largest award received by any single CDFI
in Fiscal Year 2020.
BlueHub Loan Fund is an affiliate of BlueHub Capital, a national
nonprofit community finance organization with the mission of
building healthy communities where low-income people live and
work.
"This generous award supports BlueHub's focused investment in
low-income communities that have been systematically denied access
to capital, the result of which is disproportionately high poverty
levels among Black, Indigenous and/or People of Color (BIPOC),"
said Michelle Volpe, president of
BlueHub Loan Fund. "The disparate impact of COVID-19 on BIPOC
starkly illuminates the consequences of discrimination and
disinvestment. We are grateful for the support of the CDFI Fund in
this time when equitable access to safe and affordable housing,
healthy food, healthcare, education and employment has never been
more urgent."
BlueHub's $3,768,750 in CDFI Fund
awards include:
A $650,000 Financial Assistance award to expand
lending in Texas, a new geography
for BlueHub this year. Funding will support affordable housing
projects and community facilities in San
Antonio, Dallas,
Fort Worth, Austin and Houston.
A $2,750,000 Healthy Food Financing
Initiative-Financial Assistance award to increase access to fresh
food in communities where disproportionately large percentages of
residents struggle with food insecurity.
A $268,750 Disability Fund-Financial Assistance
award to increase financing for supportive housing projects that
serve homeless individuals and people with disabilities, including
physical, mental and behavioral health challenges.
A $100,000 Persistent Poverty County-Financial
Assistance award to aid BlueHub investments in Maryland, New
York, Pennsylvania,
Louisiana and Texas in counties where greater than 20
percent of the population lives in poverty.
The CDFI Fund awarded 397 CDFIs $204.1
million in awards in FY 2020.
About BlueHub Capital & BlueHub Loan Fund
BlueHub Loan Fund is an affiliate of BlueHub Capital, a national
nonprofit community finance organization with a 35-year history of
building healthy communities where low-income people live and work.
Since 1985, BlueHub's Loan Fund has invested over $1.3 billion to create and preserve over 21,500
units of affordable housing, 13,000 jobs, healthcare services for
more than 197,000 patients, and education and childcare for more
than 50,000 children. To learn more about BlueHub Capital and the
impact of its investments, visit bluehubcapital.org.
Contact:
Autumn McLaughlin
+16179335853
amclaughlin@bluehubcapital.org
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SOURCE BlueHub Capital