WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) announced today that the Cincinnati Development Fund will receive $750,000 in funds to provide homeownership assistance in Cincinnati. The funding is awarded by the U.S. Department of Treasury's Community Development Financial Institutions Program Financial Assistance and Technical Assistance Award Program.
"These funds will play a critical role in the ongoing revitalization of under-resourced communities in the Queen City," Brown said. "By providing affordable housing loans and development services, these resources will help make Cincinnati a better place for working families to live."
Through the CDFI Program Financial and Technical Assistance awards, the CDFI Fund invests in and builds the capacity of for-profit and nonprofit community based lending organizations known as Community Development Financial Institutions (CDFIs). These organizations, like the Cincinnati Development Fund, are certified as CDFIs by Treasury and 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.