Blog: Homelessness Ends Here

 
CSH President-CEO Deb DeSantis attended a news conference yesterday where US Treasury Secretary Tim Geithner announced the awarding of monies to groups poised to invest in community development projects across the United States.

As part of the Obama Administration's continued investment in economic development through the Recovery Act, Treasury Secretary Tim Geithner announced $90 million in financial assistance awards for Community Development Financial Institutions (CDFIs) dedicated to helping communities hard hit by the economic crisis. These awards will support new economic recovery projects in some of our nation's most vulnerable communities at a time when they are facing many financial challenges. In his announcement, Treasury Secretary Geithner indicated CSH has received the maximum award amount of $2 million.

"The Recovery Act is playing a critical role in restoring economic growth and strengthening our nation's financial stability by developing and investing in local communities," said Secretary Geithner. "The Recovery Act awards announced today build on the Administration's efforts to get lenders lending again – these awards will help generate capital for small businesses, mortgage loans for homebuyers, and funding for affordable housing projects and other facilities in communities across the country." As part of the Administration's continued effort to invest directly in communities, the Treasury Department has also recently announced: More than $700 million in direct funding for affordable housing projects in dozens of states; $1.5 billion in New Markets Tax Credits to encourage private sector investments in hundreds of communities around the country; $13.8 billion in Build America Bonds issued to municipalities and states; $25 billion in direct allocations of Recovery Zone Bonds to allow cities and counties to jumpstart development projects.

The CDFI program invests in and builds the capacity of a nationwide network of community-based financial institutions with a primary mission of community development in economically distressed urban, rural, and Native communities. CSH is a CDFI and as such has invested more than $200M in supportive housing since 1991.