PRESS RELEASE: The Virginia CDFI Coalition Celebrates Recent Grants via the Commonwealth’s Capital for Communities Fund (CCCF)
FOR IMMEDIATE RELEASE
June 18, 2024
Contact: Leah Fremouw
The Virginia CDFI Coalition Celebrates Recent Grants via the Commonwealth’s Capital for Communities Fund (CCCF)
$1.35 million will benefit seven projects for Coalition members across Virginia
RICHMOND, VA – Today, the Virginia CDFI Coalition congratulates the member organizations who received recent grants totaling over $1.3 million through the Commonwealth’s Capital for Communities Fund (CCCF), also referred to as the Virginia CDFI Fund.
The fund, which was created in 2021 through a bipartisan $10 million initial investment from the General Assembly, is administered through the Virginia Department of Housing and Community Development (DHCD) and is designed to increase the flow of capital resources, through Community Development Financial Institutions (CDFIs) to support Virginia’s communities with housing developments, economic development initiatives, and small business growth.
In his recent announcement, Governor Glenn Youngkin underscored the importance of supporting CDFIs by saying that Virginia “must ensure that institutions across the Commonwealth have access to the capital they need to thrive.”
U.S. Senator Mark Warner, a longtime supporter of CDFIs and the creator of the Virginia CDFI Fund, added, “There is a good reason why CDFIs have garnered near-unanimous political support from both parties in Virginia in recent years: these investments work.”
Leah Fremouw, Board President of the Virginia CDFI Coalition and President and CEO of Bridging Virginia, said of the recent grants: “This is the latest win for the Commonwealth’s communities, CDFIs, and for the projects these institutions are supporting in the state. The Coalition members that received these funds from the Virginia CDFI Fund help small businesses and revitalization projects in every corner of Virginia, and we are appreciative to Governor Youngkin, DHCD, and to the bipartisan slate of state legislators who have supported this effort since its inception.”
“Funds like these support those who have been traditionally overlooked by more mainstream financial institutions in the past – including entrepreneurs of color and/or those living in economically distressed areas of Virginia,” said Lisa Lucas-Burke, Vice Mayor of Portsmouth and Chair the Board of Directors of Virginia First Cities, a founding member of the Virginia CDFI Coalition. “We know these programs are effective, and it is my hope that lawmakers from both parties work to expand the CDFI Fund moving forward.”
Matt Bruning, Executive Vice President of Government & Member Relations at the Virginia Bankers Association, added, “We have seen firsthand the good work CDFIs do in communities across Virginia, to the tune of $212 million to businesses across the Commonwealth, and the creation of over 2,300 jobs. The Virginia Bankers Association sends its appreciation to the General Assembly for creating this fund, and to Governor Youngkin for his recent announcement. We hope this momentum continues for years to come.”
“CDFIs across Virginia leverage capital to create impact in the communities that need it the most. We’re proud to see Virginia as a leader in this area through the creation of this fund and the distribution of these grants,” added JT Blau, Chief Advocacy Officer for the Virginia Credit Union League. “We thank the General Assembly for establishing the fund and Governor Youngkin for his support of CDFIs and the work they do.”
The Virginia CDFI Coalition members receiving funds included:
Community Investment Collaborative $300,000
Freedom First Federal Credit Union $300,000
People, Inc. $300,000
Bridging Virginia $150,000
Shenandoah Community Capital Fund $150,000
Virginia Affordable Housing Loan Fund $120,000
Appalachian Community Capital $30,000
More information about the Governor’s announcement and recipients can be found here.
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The Virginia CDFI Coalition seeks to offer a collective voice to address issues concerning the unmet financial needs of Virginia communities by advocating for greater awareness of CDFI activities and operations and by supporting the goals of its member organizations with peer support and education. These goals will be implemented by the Coalition members individually and collectively in statewide and local venues with an emphasis on social and racial equity. We do this through advocacy and education, industry best practices & partnerships, storytelling and market education, and with financial products, services, and communities impacted.
To learn more about The Virginia CDFI Coalition, visit here.