ANDP Loan Fund Receives $565,000 Award from CDFI Fund

Award to support additional longer-term financing for affordable housing and community development
Pictured above, ANDP Loan Fund recently provided financing to Quest communities for the construction of seven single-family homes, utilizing a new longer-term loan product. MORE
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The ANDP Loan Fund was recently awarded a $565,000 grant from the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund). The financial assistance awards are designed to enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation.

"This award will address some of the greatest unmet affordable housing need in our region," said John O'Callaghan, ANDP president and CEO. "We aim to provide more financing for single-family rental, lease-purchase, and smaller multifamily rental projects by delivering affordable, longer-term debt to high-mission borrowers."

Nationally, 284 CDFIs received a total of $188.7 million in financial assistance awards. ANDP Loan Fund was one of three metro Atlanta loan funds to receive an award, and one of seven in Georgia.

"I am proud to announce the FY 2019 CDFI Program awards," said CDFI Fund Director Jodie Harris. "I am especially pleased that almost half of the awarded organizations have chosen to provide services in persistent poverty, which lead to significant impact for residents in some of the most distressed communities nationwide. 

Established in 1991 and officially certified in 1998 as a CDFI, the ANDP Loan Fund provides financing to nonprofit and for-profit housing developers that create affordable housing, mixed-income, and mixed-use properties. Since its founding, the ANDP Loan Fund has provided $44 million in loans toward projects valued at nearly $340 million ultimately supporting the creation of 5,688 units of housing.

In the last three years, the ANDP Loan Fund has nearly tripled its capital from $3.3 million to $9.6 million. In 2019, the loan fund provided $7.5 million in financing for seven projects totaling 193 multifamily units, 93 single-family units, and two community facilities. 

Since its creation in 1994, the CDFI Fund has awarded more than $2.4 billion to CDFIs, community development organizations, and financial institutions through the Community Development Financial Institutions Program and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $57.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, guaranteed $1.61 billion in bonds through the CDFI Bond Guarantee Program, and awarded more than $434 million through the Capital Magnet Fund.

To learn more about financing available for affordable housing and community development, please visit the ANDP Loan Fund.

To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at www.cdfifund.gov.

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