Fresno Housing Authority This program-related investment loan will allow the Fresno Housing Authority the flexible capital needed to pursue a robust pipeline of Low Income Housing Tax Credit projects in Fresno between 2020 and 2022 and to test new ideas and objectives, including Black homeownership, motel conversion, and Naturally Occurring Affordable Housing (NOAH). View Website Amount $2 million loan Year 2020 Location Fresno, CA Program American Cities Focus Area Place-Based Community Development
NewCorp Geography Served: New Orleans, LA Project: BuildNOLA Mobilization Fund The BuildNOLA Mobilization Fund launched in 2016 as a pilot to test the efficacy of a revolving loan pool to support Disadvantaged Business Enterprises (DBEs) working on public sector projects with a focus on African American-owned DBEs. This guarantee, converted from a prior approved program-related investment loan, will support a $10 million fully capitalized fund that over the long-term will strengthen disadvantaged businesses’ ability to bid and execute on a pipeline of public contracts, access roles as prime contractors and, over time, build wealth among these business owners and their employees. View Website Amount Up to $2 million guarantee Year 2020 Location New Orleans, Louisiana Program American Cities, Human Services, Social Investment Practice Focus Area
Pathway Lending Geography Served: Memphis, TN Project: Memphis Small Business Mezzanine Fund Pathways Lending is a CDFI that provides lending solutions and educational services to support the development, growth, and preservation of underserved small businesses, affordable housing, and sustainable communities. With this program-related investment loan, Pathways will team with Epicenter Memphis, an entrepreneur hub focused on the underserved, to provide Pathway’s small business investment services to black-led businesses in Memphis, helping them to grow their businesses and drive social and economic mobility for business owners, their employees and communities. View Website Amount Up to $2.5 million loan Year 2018 Location Nashville, TN Program American Cities, Human Services, Social Investment Practice Focus Area
Aura Mortgage Advisors Geography Served: Connecticut, Massachusetts, Rhode Island, Maryland, Pennsylvania, Chicago and urban areas of New Jersey Project: Stabilizing Urban Neighborhoods (SUN) Aura Mortgage Advisors helps families who have a steady income – but can’t make their monthly mortgage payments due to hardship – remain in their homes. This guarantee supported SUN’s application to the CDFI Bond Guarantee Program (BGP). The successful application unlocked $100 million of long-term fixed-rate financing to scale SUN and encouraged the BGP to adjust its structure and underwriting criteria to permit a wider range of community development projects for financing. View Website Amount $3 million guarantee Year 2017 Location Boston, Massachusetts Program American Cities, Social Investment Practice Focus Area