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CDFI Awards NOAH $1 Million for OHAP!

U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced today that NOAH was among 62 organizations selected to received grant funding. NOAH was awarded $1 million in support of their efforts to serve low income people in the community. NOAH plans to use this capital to provide more risk-tolerant gap loans to supplement the OHAF program for preservation. This new resource will allow NOAH to further leverage OHAF loans and make the preservation fund even more attractive and functional for their non-profit partners.

The $1 million award equaled the highest amount the CDFI awarded this round. Only 62 of the 452 applicants received funding and NOAH is proud and pleased to be one of the chosen recipients. Perhaps most importantly, this capital comes to NOAH in the form of a grant, so it marks a permanent increase to their capital base. We will begin working on underwriting guidelines for this new resource immediately.

The following link takes you to the CDFI website for more details about the CDFI program and today's award announcement.

— Posted on 10/02/2009