Treasury Department gives $10.1M to D.C.-area development organizations
Eight Washington-area community development organizations have gotten $10.1 million in awards from the U.S. Treasury Department’s Community Development Financial Institutions Fund.
The organizations, which specialize in helping revitalize low-income and distressed areas, were part of the $175 million round of funding — the largest ever for the CDFI Fund.
Among the local recipients was District-based Washington Area Community Investment Fund, which got $400,000.
“WACIF is truly honored to be recognized with this CDFI award,” said Tim Flanagan, executive director in a statement. “WACIF will use this award to leverage additional capital and expand financing opportunities in underserved areas here in the Capital region. That means more small businesses, entrepreneurs, and organizations will get the capital they need to create jobs and grow operations.”
The Arlington-based NCB Capital Impact got the largest local investment, with $3.7 million.
This article appeared in the Washington Business Journal, August 15, 2012