PRESS RELEASE – September 18, 2012
Piedmont Housing Alliance Awarded
Over $1.4 Million from the U.S. Treasury's CDFI Fund for
Affordable Housing Lending
Piedmont Housing Alliance (PHA) has been awarded $1,452,806 from the U.S. Treasury's Community Development Financial Institution Fund to increase its community development services and lending capacity. The award will be used to capitalize PHA's loan products, leverage additional financing, and support PHA's Comprehensive Housing Counseling and Financial Literacy services, resulting in financial self-sustainability, affordable rental and home ownership housing development, along with other community development opportunities. PHA received the maximum award amount and was one of only four awards in Virginia.
This award will substantially increase the down payment assistance available to low and moderate income homebuyers, and will finance the development and preservation of affordable rental and owner occupied housing throughout the region. Over the past three years, PHA has made 13 loans for affordable housing development, totaling $934,585 which created 122 units of affordable housing, leveraging total project costs of $17 million.PHA has managed over $6.7 million in down payment assistance from a variety of sources to make the dream of home ownership a reality. PHA has helped over 700 families purchase a home through counseling and access to affordable home financing. In recent years (2009-2011), PHA has made 157 down payment assistance loans, worth over $2 million, to finance home ownership for 136 families, leveraging over $25 million in new capital for home purchases creating a positive impact on the regional economy.
Grants from the CDFI Fund are available only to certified CDFI organizations with matching funds from non-federal sources. PHA's ability to raise funds locally over the last decade has enabled it to harness $3 million in grants from the CDFI Fund. PHA is continually seeking interested donors and investors to support its community reinvestment financing, to leverage future funds. For more information, contact Karen Reifenberger, Deputy Director, at (434) 817-2436 x 106 or karenr@piedmonthousing.org.
Piedmont Housing Alliance is a regional nonprofit organization with a mission to create housing and community development opportunities for very low to moderate income families and individuals; teach financial literacy and management, home buying and home ownership skills; and advocate for affordable housing policies and programs in central Virginia.
