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Two NYC-based nonprofit Community Development Financial Institutions (CFDIs) -- Primary Care Development Corporation (PCDC) and the Corporation for Supportive Housing (CSH) -- have received a total of $6.25 million as winners of the Wells Fargo NEXT Awards for Opportunity Finance. The awards, which were presented yesterday at the Opportunity Finance Network’s OFN’s Annual Conference in San Antonio, Texas, are the nation’s largest awards program for the CDFI industry. They recognizes innovative and high-impact CDFIs that bring needed financing to low-income, low-wealth, and other disadvantaged people and communities across the U.S.
Primary Care Development Corporation (PCDC) of New York City will receive $4.25 million to expand its financing of community health centers and other primary care providers in impoverished communities beyond New York State. PCDC estimates that the projects it finances due to its Award will create 190 construction jobs, 285 permanent jobs, and will provide primary care services to 175,000 new patients over three years.
Corporation for Supportive Housing (CSH,) headquartered in New York City, will receive $2 million to expand into 10 new markets across the country. The Award will enable CSH to provide financing and support to communities to increase the availability of supportive housing by building nearly 10,000 affordable housing units for homeless individuals and families, veterans, formerly incarcerated, and other very vulnerable people.
A third awardee -- Clearinghouse CDFI of Lake Forest, CA -- will receive a $2 million award to expand into Nevada, a state hard-hit by unemployment and foreclosures.
The Wells Fargo NEXT Awards for Opportunity Finance are presented by Opportunity Finance Network with support from Wells Fargo, The Kresge Foundation, and the John D. and Catherine T. MacArthur Foundation.
"We are delighted to be a 2012 recipient of the Wells Fargo NEXT Awards and want to thank Wells Fargo, The Kresge Foundation, the John D. and Catherine T. MacArthur Foundation and the Opportunity Finance Network for this tremendous honor," said Ronda Kotelchuck, CEO of PCDC. "We also want to thank them for recognizing the importance of primary care and for supporting our efforts to expand access of high quality, patient-centered primary care to patients and families from underserved communities throughout the United States."
“CSH is honored to receive a Wells Fargo NEXT Award for Opportunity Finance. We will use the award to expand on our 20 years of success using supportive housing to build strong, healthy communities,” says CSH President & CEO, Deborah De Santis.
“Wells Fargo has a strong commitment to investing in our communities and enabling people to succeed financially,” said Lesley Eckstein, executive vice president and head of Community Lending and Investment at Wells Fargo. “We are proud to be a part of this program and support the important work these CDFIs are doing.”
"We believe CDFIs are essential partners in low-income communities and, for that reason, invested $10 million in the NEXT Awards," said Rip Rapson, president of The Kresge Foundation. "The expansion plans of these winning institutions means more communities will have access to their investment capital and business acumen, both of which are critical to bringing about positive, long-term social and economic change."
“The new era of the NEXT Awards will benefit low-income individuals and communities by spurring CDFI product and geographic expansion,” said Mark Pinsky, president and CEO of Opportunity Finance Network. “This year’s Awardees will not only expand their coverage, but implement innovative partnerships and business models to uncover opportunities to better serve more individuals and communities in all 50 states.”