NOAH Receives $1.5 Million in CDFI Funds for New Lending

The Network for Oregon Affordable Housing (NOAH) recently received a 2011 award of $1.5 million from the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund for new permanent lending activity in Southern Oregon. In its application, NOAH targeted five counties (Coos, Douglas, Jackson, Josephine, and Klamath) with particularly high unemployment rates and foreclosure rates that contribute to an increasing shortage of housing affordable to people with low incomes. Though the new funds will not be dedicated to preservation, NOAH hopes to use at least part of the new funding for loans on preservation properties. Nationally, Treasury awarded approximately $142 million, receiving $465 million in requests through the 2011 Notice of Funding Availability. The other Oregon awardees were Housing Development Center ($500,000 for the HDC Community Fund) and Innovative Changes ($290,000).

— Posted on 7/25/2011