SAN RAFAEL, Calif.--(BUSINESS WIRE)--Oct 17, 2023--
EAH Housing, one of the largest and most respected nonprofit housing development and management organizations in the western United States, is proud to announce it was selected as a recipient of a prestigious $7.5 million grant from the Capital Magnet Fund (CMF). The CMF is a vital program that supports affordable housing initiatives for low-, very low-, and extremely low-Income families.
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Mackey Terrace (Photo: Business Wire)
"This grant from the Capital Magnet Fund is a tremendous boost to our mission of providing affordable housing for those who need it most,” said Laura Hall, CEO of EAH Housing. “We are honored to receive this recognition and financial support, which will help us accelerate our pre-development efforts and make a meaningful impact on even more lives."
Established through the Housing and Economic Recovery Act of 2008, the CMF is a powerful mechanism that attracts private capital to create and preserve affordable housing across economically distressed communities. The program is funded through Government-Sponsored Entities Fannie Mae and Freddie Mac, and is designed to assist Community Development Financial Institutions (CDFIs) and qualified non-profit housing organizations in their mission to develop, rehabilitate, preserve, and purchase affordable housing.
The CMF’s mission also extends support to economic development and community service facilities, such as day care centers, workforce development centers, and health care clinics, all of which contribute to the revitalization of distressed communities. The CMF has a rich history of promoting economic development in geographically diverse areas, encompassing both metropolitan and rural regions across the country.
Over the course of seven previous rounds, the CDFI Fund has awarded grants totaling nearly $1.1 billion to CDFIs and qualified non-profit organizations, resulting in a minimum of $10.7 billion in public and private investments. These awardees have attracted nearly $13.3 billion in total leverage for their projects.
This significant grant from the Capital Magnet Fund will enable EAH Housing to continue its mission of providing quality, affordable housing to individuals and families in need, and to play a crucial role in revitalizing communities across our region.
“We are profoundly grateful to the Capital Magnet Fund for entrusting us with this $7.5 million grant, as this funding will serve as a catalyst for positive change in the lives of countless individuals and families facing housing insecurity,” said Hall. “At EAH Housing, we understand that affordable housing is not just about providing shelter; it’s about nurturing dreams, fostering stability, and building a brighter future for all. This grant reinforces our commitment to empowering individuals and revitalizing neighborhoods, one home at a time.”
For more information about EAH Housing and its affordable housing initiatives, please visit www.eahhousing.org.
About EAH Housing
EAH Housing is a nonprofit corporation with a mission to expand the range of opportunities for all by developing, managing, and promoting quality affordable housing and diverse communities. Established in 1968, EAH Housing has become one of the largest and most respected nonprofit housing development and management organizations in the Western United States with over 750 employees and plays a leadership role in local, regional, and national housing advocacy efforts.
Starting from grass-roots origins in response to the death of Dr. Martin Luther King Jr., EAH Housing now serves over 25,000 low-income families, seniors, veterans, formerly unhoused individuals, people with special needs, transitional age youth (TAY), artists, farm workers, and students across more than 240 communities in California and Hawai’i. Combining award-winning design, innovative onsite services, and a commitment to people, EAH Housing reflects the distinctive personality of each community.
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CONTACT: MEDIA:
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eahhousing@antennagroup.com
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT LANDSCAPE INTERIOR DESIGN PHILANTHROPY BUILDING SYSTEMS ARCHITECTURE FOUNDATION RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: EAH Housing
Copyright Business Wire 2023.
PUB: 10/17/2023 12:00 PM/DISC: 10/17/2023 12:02 PM
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