Community Preservation Corporation and TruFund Financial Services, Inc. Launch $ 6 Million Joint Venture to Empower New York State BIPOC Real Estate Developers
NEW YORK, October 18, 2021 / PRNewswire / – The Community Preservation Corporation (CPC), a non-profit multi-family finance company, and TruFund Financial Services (TruFund), a non-profit organization that provides affordable loan capital to small businesses and organizations nonprofit, announced the launch of their new $ 6 million Housing and Community Development Fund to Help Blacks, Aboriginals and People of Color (BIPOC) grow their businesses. The fund will provide equity and technical support to eligible BIPOC property developers who may not have access to affordable capital and support from conventional sources.
This new joint venture between CPC and TruFund will facilitate the provision of affordable capital to support New York StateEmerging BIPOC developers based with the aim of building their capacity and developing their business infrastructure. Funding provided by the program can be used to acquire, develop, finance, operate, improve, preserve, sell and dispose of affordable private and public housing and community development investments within the state. Each project should meet the needs of low to moderate income communities or residents and improve the capacity and progress of BIPOC-owned businesses.
“BIPOC entrepreneurs have always struggled to develop their businesses due to a lack of access to resources; whether it is access to capital or to technical assistance and other support. This partnership between CPC ACCESS and TruFund leverages the unique strengths of two like-minded CDFIs to maximize the resources we can provide to achieve greater impact together ”, noted Laurent Hammond, Senior Vice President, Director of ACCESS, The Community Preservation Corporation. “When BIPOC developers have the opportunity to grow and compete in the market, we don’t just level the playing field, we bring new ideas, better competition and diversity to the benefit of the whole industry. “
“Huge and impactful results are achieved when organizations with similar interests work together to work towards common goals and objectives.” noted James H. Bason, President and CEO, TruFund Financial Services. “One of the most essential aspects of the TruFund-CPC partnership is to ensure racial equity through access to capital for emerging BIPOC developers.”
As like-minded Community Development Financial Institutions (CDFIs) that focus on providing affordable and flexible capital to underserved communities, the partnership between CPC and TruFund enables each company to leverage its unique expertise. The two partners will finance equally the $ 6 million program, with CPA providing funding and support through its ACCESS initiative. With nearly two decades of experience, TruFund has disbursed 1,600 loans totaling over $ 160 million, 74 percent of which went to small minority-owned businesses. As a 47-year-old non-profit organization, CPC has worked in partnership with public and private partners to deliver more than $ 12 billion to finance affordable housing and labor projects in new York and beyond.
To be eligible, applicants will need to demonstrate three years of experience in affordable housing, both operating their business and residing in New York State, and have completed at least three previous housing projects (new construction and / or preservation) with a maximum of 1,000 units developed. CPC and TruFund will host an online webinar on November 3, 2021, To 11:30 a.m., which applicants are required to present themselves to before applying. After the webinar, the link to the application portal will be sent to participants and applications will be accepted as they arise. For more information, please visit: Join CPC – TruFund BIPOC Developer Fund Information Session
At October 19e CPC and TruFund will be featured at the Opportunity Finance Network (OFN) Virtual Conference 2021 where they will lead a panel discussion titled Collaborative and Capacity Building Strategies to Advance Racial Equity from Start to Finish. They will be joined by consultant Let’s Brainstorm LLC and Genesis Companies, a leading African-American developer, to discuss setting up an investment fund, and explore how CDFIs can work together to revitalize historically evil communities. served by supporting overall community growth and capital for emerging BIPOCs. developers.
About the Community Preservation Corporation (CPC)
Founded in 1974, CPC is a non-profit affordable housing and community revitalization finance company that believes housing is essential to transforming underserved neighborhoods into thriving and vibrant communities. The company, which currently enjoys an AA issuer rating from S&P Global, offers a full range of capital products through its construction lending, agency lending and equity investment platforms. Since its inception, CPC has provided more than $ 12 billion to finance nearly 220,000 housing units and is currently one of the largest community development financial institutions in the country dedicated solely to investment in multi-family housing. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.
About ACCESS CPC
CPC’s Acquiring Capital and Capacity for Economic Stability and Sustainability (ACCESS) initiative is a $ 20 million program that was created to provide financial resources, capacity building opportunities and technical assistance to BIPOC entrepreneurs who have historically faced barriers to entry into the property development market, with the aim of promoting and enable greater racial diversity, equity and inclusion in the industry.
About TruFund Financial Services
TruFund Financial Services, Inc. is a fully independent, national, not-for-profit community development financial institution (CDFI). TruFund seeks to stimulate economic development in communities underserved by traditional banking institutions by providing fair and accessible capital, hands-on technical assistance and innovative solutions to small businesses and non-profit organizations. Follow TruFund on Facebook, LinkedIn, and Twitter to learn more about the company’s programs and initiatives or visit www.trufund.org.
SOURCE TruFund Financial Services, Inc.