VCDF Awarded $1.75 million from US Treasury CDFI Rapid Response Program
June 15, 2021 - Vice President Kamala Harris, Treasury Secretary Janet Yellen, U.S. Senator Mark Warner, and U.S. Representative Maxine Waters have announced the U.S. Treasury’s award of $1.25 billion in COVID-19 relief funds to 863 diverse community development financial institutions (CDFIs) across the nation. Distributed via the Treasury’s CDFI Rapid Response Program (CDFI RRP), this funding will support CDFIs in their efforts to increase access to capital in communities hardest hit by the pandemic.
VCDF is excited to announce our award of $1.75 million in CDFI RRP funding, which will support us as we further our mission to provide flexible capital to meet the financing needs of vulnerable and historically underserved communities in VA and WV.
“In serving places that the financial sector historically hasn’t served well, CDFIs lift our whole economy up. We know that every dollar injected into a CDFI, it catalyzes eight more dollars in private-sector investment, meaning that today’s announcement might lead to an additional $10 billion in investment,” said Secretary Janet Yellen, citing the unique capacity of CDFIs to contribute to “an economy that works for everyone.”
VCDF is the lending affiliate of VCDC, and shares VCDC’s mission of delivering equity and loans to affordable housing and economic development projects that help build and support vibrant communities in our service area of VA and WV. VCDF was among 463 loan funds receiving $571.3 in RRP awards.
Read more about the CDFI Rapid Response Program here: https://www.cdfifund.gov/programs-training/programs/rrp