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.