Morehead —
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund announced $104.9 million in awards for 180 local financial institutions serving struggling communities in 44 states and the District of Columbia.
The grants represent the largest single round of awards in the CDFI Fund’s history and will help those financial institutions support local entrepreneurs and small businesses, and spur local economic growth and recovery by expanding access to capital and affordable financial services in underserved areas.
Frontier Housing, www.frontierhousing.org, received certification as a Community Development Financial Institution in early 2010 and is the only CDFI in northeastern Kentucky to receive the funding. Frontier will be awarded a grant in the amount of $750,000. This money will have a long term impact on the economy of Frontier’s service area through a revolving loan fund. These funds will be continually recycled and will allow Frontier to make loans for replacement of inefficient homes and home rehabilitation work.
Frontier serves Bath, Boyd, Carter, Fleming, Elliott, Montgomery, Morgan, Menifee, Magoffin, Rowan and Wolfe Counties. The CDFI eligibility requirements relate to an organization having a primary mission of promoting community development, predominantly serving eligible Target Markets, being a financing entity, providing Development Services and not being either a government entity or controlled by a government entity.
Sherry Farley, president and CEO, guided the process for Frontier to achieve the designation of CDFI. During her tenure with Frontier, Fraley’s prior responsibilities as chief financial officer gave her the groundwork to submit Frontier’s verifiable strengths for review. “All of us at Frontier are proud that we are able to serve our communities by improving access to much needed loan funds. Our region is full of hard working families who can improve the safety, energy efficiency and quality of life in their homes for their families through our programs. Access to these loans will enable them to responsibly make the commitment to affordable homeownership or home improvements.” Fraley said.
“CDFIs play a critical role financing small businesses and providing access to capital where it is needed most,” said Treasurer of the U.S. Rosie Rios. “The awards we are announcing today will provide critical support to local financial institutions, which are on the front lines creating jobs and economic opportunity in communities across the country.”
Local News
Frontier Housing receives the CDFI fund award
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