Today Congressman Dan Maffei announced that Home HeadQuarters, Inc. has been selected to receive a two million dollar award, made available through the American Recovery and Reinvestment Act (ARRA). This highlights the continued commitment of the Recovery Act to make investments in our community that will provide both a short term economic boost and pay dividends in the long run.
Congressman Maffei said: “I am so pleased that Home HeadQuarters has been selected for this funding. The CDFI program has fast tracked these funds, and I look forward to Home HeadQuarters helping even more families secure their dreams of home ownership in our community.”
The CDFI program invests in and builds the capacity of a nationwide network of community based financial institutions with a primary mission of community development in economically distressed urban, rural, and Native communities.
Yesterday the Treasury Department made the announcement that $90 million in financial assistance awards for 59 Community Development Financial Institutions (CDFIs) in 26 states and Puerto Rico, including Syracuse’s Home HeadQuarters. These awards are designed to support new economic recovery projects in vulnerable communities at a time when they are facing many financial challenges.
Said CDFI Fund Director Donna Gambrell: “We are here today to not only announce the national Recovery Act awards under the CDFI Program, but to also highlight how these resources can help to transform distressed communities. The Point is a remarkable example of an organization supported by CDFI investments that is successfully bringing about the economic revitalization needed in communities around the country.”
Home HeadQuarters, Inc is a nonprofit home improvement lender in operation since 1996. It is a certified CDFI serving central and upstate New York. Home HeadQuarters offers lending, planning and real estate development and home ownership services to low- and moderate-income individuals and minority populations. The CDFI will use its FY 2009 Financial Assistance award for home improvement lending capital. CDFI’s assistance agreement was sent to Home HeadQuarters yesterday, and upon their agreement to meet CDFI’s terms, the award will be made available to Home HeadQuarters in two to four weeks.
The CDFI Fund receives applications on an annual basis and awards funds through a competitive process. For a complete list of award recipients and profiles, visit http://www.cdfifund.gov/.
Maffei Announces Two Million Dollars in Recovery Money for Home HeadQuarters, Inc. of Syracuse
