New Fund Open to Small and Mid-Sized CDFIs Financing Housing and Facilities
Partners for the Common Good (PCG) and Opportunity Finance Network (OFN) recently collaborated to create the $50 million Economic Justice Partnership Fund (EJPF), an innovative new facility targeted to the capital access needs of smaller to mid-sized CDFIs.
EJPF will enable these CDFIs to undertake loans they would otherwise find challenging due to capitalization and concentration limits. CDFI project loans will primarily benefit low- and moderate-income populations, including minority, Native, and rural communities.
How can your CDFI benefit from the fund? To find out, join the informational session on the new EJPF that OFN and PCG are planning for early Q1 2022. The session will cover EJPF application criteria, process, and timing considerations. In the meantime, here’s a quick overview:
- Project loan amount: Up to $6 million
- Term: Up to 6 years
- Allowable uses: Acquisition, construction, and mini-permanent loans for affordable housing and community facilities supporting low- to moderate-income communities.
- PCG and OFN are co-owners of the fund, with PCG serving as the contract underwriter, loan servicer, and fund manager. Investors include commercial banks, large CDFIs, and other financing institutions.
Stay tuned for more details about the upcoming informational session!