BlueHub Loan Fund, a national nonprofit affiliated with BlueHub Capital that connects low-income communities with flexible financing to generate equitable and inclusive economic opportunity, announced today it will receive $7 million in Capital Magnet Funds (CMF) from the US Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund). The grant will enable BlueHub Loan Fund to expand financing for affordable housing in low-income areas nationwide.
The award accelerates BlueHub Loan Fund’s efforts to address the lack of access to affordable housing for very and extremely low-income residents, including seniors and individuals with health challenges, and housing that offers supportive services for residents. A portion of BlueHub’s award will support job-generating commercial projects led by community members, community health centers, vocational colleges and other educational facilities.
“Everyone should be able to live in a safe and economically vibrant neighborhood with affordable housing, good jobs and high-quality schools and healthcare services, yet the distribution of these services remains inequitable. This CMF award will provide critical support to BlueHub Loan Fund to expand access to affordable housing in low-income areas, which is directly in line with our mission to build healthy communities where people live and work. We remain committed exploring innovation in finance, at the intersection of opportunity and mission, to make our flexible financing models work for our partners and cities nationwide,” said Elyse Cherry, CEO of BlueHub Capital.
BlueHub Loan Fund is one of 59 CDFIs and nonprofit organizations to receive a CMF award, following the CDFI Fund’s competitive review of over 146 applications. This is the sixth consecutive year that BlueHub has received a CMF award, a recognition of its success in financing affordable housing and economic development projects.
Over the past 37 years, BlueHub Capital has lent $2.4 billion and leveraged an additional $12.6 billion for projects that build inclusive prosperity in low-income communities across the country, particularly communities of color. BlueHub investments have helped to build, preserve or enhance over 29,000 units of affordable housing; support community health centers serving more than 197,000 patients annually; expand childcare facilities, schools and youth programs serving over 65,000 children and youth; and develop over 6.9 million square feet of commercial real estate and community facilities in communities.
About BlueHub Capital
BlueHub Capital is a national, mission-driven, nonprofit community development finance organization focused on building healthy communities where low-income people live and work. BlueHub uses innovative financial tools and has deployed over $2.4 billion (and leveraged over $12 billion) in capital to support projects that make communities more vibrant places to live. BlueHub has four distinct programs: BlueHub Loan Fund (community development financing), BlueHub SUN (foreclosure relief), BlueHub Energy (clean energy access) and One Percent for America (citizenship financing).