FOR IMMEDIATE RELEASE
July 15, 2021
Julie Fahnestock, Director of Marketing & Communications
Community Capital New York
Community Capital New York Awarded Highest CDFI Rapid Response Program Grant
(Elmsford, New York) Community Capital New York, a nonprofit lender and Community Development Financial Institution (CDFI), is proud to announce that they have been awarded $1,826,265 via a federal grant – the maximum amount awarded – to expand their small business and affordable housing lending across the Hudson Valley. Backed by President Biden and Vice President Kamala Harris, the grant will be made through the U.S. Treasury’s CDFI Rapid Response Program (CDFI RRP) and provides the necessary capital for CDFIs to respond to economic challenges of the COVID-19 pandemic, particularly in underserved communities.
Teresa Jankovic, Interim CEO of Community Capital New York, says: We are thrilled and honored to receive this award, and we can’t wait to put the funds to work. This award allows us to positively impact the lives of numerous individuals in the Hudson Valley through our support of multiple low-income housing projects. Thank you for this award.”
Vice President Kamala Harris recently announced the awards at the White House with Treasury Secretary Janet L. Yellen.
“In serving places that the financial sector historically has not served well, CDFIs lift our whole economy. We know that for every dollar injected into a CDFI, it catalyzes eight more dollars in private-sector investment, meaning that might lead to an additional $10 billion in investment,” said Secretary Janet Yellen. “The President and the Vice President ran on an ambitious agenda – ‘Build Back Better,’ unwinding systemic racism, creating an economy that works for everyone. I believe this is what that looks like in practice. By channeling more capital into CDFIs, we are translating those ideas into reality.”
Community Capital New York has invested over $42 million to increase the supply of affordable homes and foster the growth of small businesses in Westchester and the Hudson Valley. Their programs have resulted in safe and affordable homes for more than 8800 people who earn 80 percent or less than the region’s median income, over 5,700 jobs, and support for more than 300 local businesses. The CDFI Rapid Response Award will help Community Capital New York expand their community-based lending and services, develop new affordable financial products, build up capital reserves and build organizational capacity.
About Community Capital New York
A Nonprofit Lender for 30 Years: Community Capital New York works to create a thriving, inclusive, and equitable economy where all people have access to build wealth and prosperity for themselves, their families, and communities. A nonprofit lender and Community Development Financial Institution (CDFI), Community Capital New York provides flexible, fair, and transparent loan products and resources to affordable housing developers and small businesses, typically excluded from current systems in Westchester County and the Hudson Valley. Community Capital New York is an SBA-lender and a Community Development Financial Institution (CDFI) certified by the U.S. Department of the Treasury. Learn more about Community Capital New York here.