FAHE recognized for ‘Outstanding community development’

Local News

October 15, 2009

$2.75 million to be awarded

Anonymous The Richmond Register Thu Oct 15, 2009, 11:14 PM EDT

Madison County-based Federation of Appalachian Housing Enterprises (FAHE), a Community Development Financial Institution (CDFI) — and New Hampshire-based Community Loan Fund — are the recipients of the 2009 Wachovia NEXT Awards for Opportunity Finance.

The two CDFIs will receive $8.25 million in grants and low-cost loans and will be honored on Wednesday, Oct. 28 at the Opportunity Finance Network (OFN) Conference in Charlotte, N.C.

FAHE will receive $2.75 million, which includes a $2.5 million low-cost loan and a $250,000 unrestricted grant. The Selection Committee chose FAHE for its innovation and strategy in eliminating substandard housing conditions prevalent in the Central Appalachian region, according to Wachovia representative Maxine Mitchell.

FAHE is the largest provider of community investment capital in distressed central Appalachia. Last year, the organization provided $41 million in direct financing and its members produced 3,800 housing units. This figure is on target against FAHE’s bold goal to quadruple their performance and achieve 8,000 housing units annually by 2015.

CDFIs are market-driven, private sector institutions dedicated to meeting the financial needs of disadvantaged and hard-to-serve markets nationwide, Mitchell said.

They include banks, credit unions, loan funds and venture capital funds. There are more than 700 CDFIs in the United States.

Since 2007, the Wachovia NEXT Awards for Opportunity Finance in partnership with The John D. and Catherine T. MacArthur Foundation, has been run by and funded through OFN with support from the Wachovia Foundation and the John D. and Catherine T. MacArthur Foundation.

The program recognizes excellence within the CDFI field and is designed to propel high-potential organizations to a next level of growth, success and staying power, Mitchell said.

“A national selection committee chose the two recipients from a highly competitive field of seven semi-finalist organizations,” she said.

The award amounts are based on each organization’s asset size — $5.5 million for CDFIs with assets over $50 million and $2.75 million for those with assets in the $10 to $50 million range.

“Each award recipient has blazed an unlikely trail on solid ground against expectations,” said Mark Pinsky, president and CEO of the Philadelphia-based OFN, the leading national network of high-performance CDFIs. “These awards recognize the outstanding achievements and extraordinary future potential of two leading CDFIs. The Wachovia NEXT Awards also spotlight how the entire opportunity finance field benefits our nation’s economy through responsible lending, investing and financial services.”

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