Financial Assistance Award will Support Cinnaire’s Mission to Create Healthy, Vibrant Communities
The Community Development Financial Institution (CDFI) Fund recently announced its FY 2017 Awards. A total of $208.7 million was distributed to CDFIs in 46 states and the District of Columbia. Cinnaire received a $976,500 Financial Assistance (FA) award. The CDFI Fund provides FA awards of up to $2 million to allow CDFIs to sustain and expand their financial products and services. CDFIs that quality for FA funding must match the award with funds from a non-federal source. Cinnaire received a $953,806 FA award in 2012 and in 2016, a $1 million award.
“Cinnaire is excited to receive the Financial Assistance award from the CDFI Fund,” said Mark McDaniel, Cinnaire president & CEO. “We will use this award to further our work in creating healthy, affordable communities throughout our 9-state footprint. These awards allow CDFIs across the country to maximize our ability to deploy capital, spurring economic development while revitalizing distressed communities.”
Impact of CDFI Program
In FY 2016, CDFI Program awardees reported originating loans or investments totaling over $3.6 billion, based on their portfolio of activities in 2015.
Those awardees also reported 33, 582 affordable housing units, and provided financial literacy counseling and other training opportunities to 427,542 individuals.