The Community Builders (TCB) is pleased to share good news! This week, Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo announced that the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded over $1.73 billion, including $6.2 million to New Hope Community Capital, Inc. (NHCC) CDFI. These funds will strengthen the ability of CDFIs to help low- and moderate-income communities recover from the COVID-19 pandemic and invest in long-term prosperity.
This $6.2 million grant will provide tenant improvement loans to commercial developments that lease to women and minority business enterprises (WMBEs). In the neighborhoods where TCB provides housing, WMBE businesses are critical to the health of the communities. The challenge of limited capital for small WMBEs has been compounded by the COVID-19 pandemic, rising construction and material costs, and higher interest rates. TCB will direct loans to its commercial tenants to help improve their access to capital. Learn more about the award here.
Neighborhood investments advance the NHCC and TCB missions to build and sustain strong communities where all people can thrive. This is the second CDFI Fund relief award to NHCC. In 2021, the institution was awarded $1.8 million from the Rapid Relief Program to alleviate pandemic-related impacts for TCB’s commercial tenants.
TCB owns more than 495,000 square feet of commercial real estate across the Northeast, Midwest and Mid-Atlantic. Many of these commercial spaces are occupied by women and minority-owned restaurants, grocery stores, healthcare practices, barber shops and other neighborhood businesses. If you have questions about TCB commercial leasing, please contact us.