People Incorporated has received $3.15 million from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund’s Capital Magnet Fund (CMF) to support financing for the development, preservation, purchase, and rehabilitation of affordable housing and related economic development.
The agency will use the funding to support new affordable housing development throughout Virginia.
“We are grateful for the opportunity to provide affordable housing in the communities that we live and work in,” said People Inc. President and CEO Bryan Phipps. “Virginia is in desperate need of affordable housing units and the Capital Magnet Fund is an essential resource as we continue to meet this need.”
The Capital Magnet Fund spurs investment in affordable housing and related economic development efforts that serve economically disadvantaged families and communities across the country.
Through the Capital Magnet Fund, the CDFI Fund competitively awards funds to CDFIs and qualified non-profit housing organizations with the objective of attracting private capital to economically distressed communities, including underserved rural areas.
For more information about People Inc.’s affordable housing, click here.