Capital Magnet Fund award will boost lending to projects serving low-income communities nationwide
BlueHub Capital today announces its affiliate, BlueHub Loan Fund, a leading national nonprofit community development financial institution (CDFI), has been awarded $4.5 in Capital Magnet Funds (CMF) from the US Department of Treasury’s CDFI Fund. The grant will help BlueHub Loan Fund address the need for flexible, low-cost, patient capital that is critical to construct, rehabilitate and preserve affordable housing, permanent supportive housing, and community facilities in low-income areas across the country.
BlueHub Loan Fund helps connect low-income communities with flexible financing to generate equitable and inclusive economic opportunity. It provides financing to affordable housing projects, community health centers, schools, grocery stores and other community assets across the United States.
Current economic pressures, deepening housing crises, increasing costs, and escalating competition for public resources have increased the need for CMF to support affordable housing and community facilities development. This need is particularly acute in cities in the Northeast and nationally that suffer from limited, oversubscribed and competitive state and federal subsidies and scarce or prohibitively expensive patient debt.
“This award is a recognition of our organization’s ability to meet the needs of the communities we serve at this critical time,” said Elyse Cherry, CEO of BlueHub Capital. “As BlueHub approaches 40 years of lending, we continue to push the boundaries of community finance to create new ways to build healthier communities. This award will help further that mission.”
BlueHub Loan Fund is one of 48 CDFIs and nonprofit organizations to receive a CMF award this year, following the CDFI Fund’s competitive review of over 136 applications. This is the seventh CMF award for BlueHub Loan Fund, totaling a cumulative $36.2 million in funding.