CommunityWorks Receives $100,000 From CDFI Fund
October 18, 2012
Local nonprofit is one of three organizations in South Carolina awarded funding by U.S. Dept. of Treasure
GREENVILLE, SC – October 18, 2012 – Just one year after its designation as a Community Development Financial Institution (CDFI), CommunityWorks Carolina (CWC) announce its selection as an award recipient of the national CDFI Fund Program.
A record-breaking $175 million in awards was recently announced to CDFI organizations last week, all of who serve low-income families and communities. The announcement marks the largest in history from the U.S. Treasury Dept.’s CDFI Fund. CommunityWorks Carolina is one of only 210 CDFIs across the nation, and one of three in the state, to receive this exclusive and direct federal support for its services within the local community.
“While there are a number of facets and areas of service at the heart of CommunityWorks, our CDFI certification has allowed us to take our mission to the next level,” noted Deborah McKetty, President & CEO. “Through our collaboration with the CDFI Fund, along with the continuous support of our community partners, we will continue to build on yesterday and today, for the people and places of tomorrow. In doing so, the programs we offer will continue to reflect our goal of helping make financial stability and security a long-term reality for those who need it most.”
The CDFI Fund was created in 1994 to allocate federal resources for investment in certified CDFIs—building these organizations’ capacities to assist low-income people and communities typically overlooked by traditional financial institutions. In turn, CDFIs have successfully financed more than 60,000 affordable housing units and created approximately 35,000 jobs across the nation.
Formally known as Greenville Housing Fund, CommunityWorks Carolina became the Upstate’s first and only certified CDFI in 2011. As a community-lending nonprofit, CWC offers a variety of affordable housing, personal financial stability, and community economic development programs. Services include down payment assistance, affordable mortgages, community development loans, micro-business loans, and Individual Development Accounts (IDAs). CDFI designation has also helped CWC expand its programs from Greenville to include Anderson, Spartanburg and Pickens Counties.
“What began as a local affordable housing nonprofit has evolved into a regional organization committed to empowering families, neighborhoods and entire Upstate communities,” noted Minor Shaw. “CWC offers much more than charitable services; it provides fundamental resources and opportunities for low wealth individuals to reach their full potential at home, work, and ultimately, in life.”
Through its position as a CDFI, strong public and private partnerships and unwavering mission to break the cycle of generational poverty through education, lending and investing, CWC’s impact transcends well beyond its everyday programs.
“Organizations like CWC serve as a daily reminder of how the elements of partnership and collaboration are essential to generating effective community impact and growth,” said Ted Hendry of United Way of Greenville County. “Through its forward-thinking approach focused on the financial sustainability of families and individuals, CWC and its programs are propelling the Upstate toward a brighter tomorrow; we are proud to play a part.”
Since its inception, CWC has generated more than $44 million in local economic development and has helped more than 400 families achieve their dreams of homeownership and financial stability. CWC remains dedicated in its mission of “Building People and Places,” and will continue to serve as a catalyst in supporting economic growth for low wealth families and communities in the Upstate—now and for years to come.
About CommunityWorks Carolina
Established in 2008, CommunityWorks Carolina, formerly known as Greenville Housing Fund, is non-profit organization and certified Community Development Financial Institution (CDFI) that supports affordable housing and community development as a critical vehicle for fostering stable families and healthy communities. CWC strives to build people and places in the Upstate of South Carolina through partnerships with individuals and organizations to provide financial resources, education, and employment opportunities. CWC offers a variety of assistance programs including: Downpayment Assistance, Affordable Mortgages, Community Development Loans, Microbusiness Loans, and Matched Savings Individual Development Accounts.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded over $1.7 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Awards Program, the Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $33 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program.
About the CDFI Program
Through the CDFI Program’s Financial Assistance and Technical Assistance awards, the CDFI Fund invests in and builds the capacity of for-profit and non-profit community based lending organizations known as Community Development Financial Institutions, or CDFIs. These organizations, certified as CDFIs by the U.S. Treasury Department, serve rural and urban low-income people and communities across the nation that lack adequate access to affordable financial products and services. Awards are granted through an annual competitive application process.
Additionally, in FYs 2011 and 2012, the Healthy Food Financing Initiative served as a supplemental funding opportunity under the CDFI Program for eligible CDFIs that expressed an interest in expanding their healthy food-focused financing activities and had received Financial Assistance awards. The Healthy Food Financing Initiative is an interagency initiative involving the CDFI Fund, the U.S. Department of Health and Human Services, and the U.S. Department of Agriculture that represents the federal government’s first coordinated step to increase the supply of and demand for nutritious foods in low-income urban and rural areas in the United States.
