In June, the U.S. Treasury announced that AHC Inc. will receive $2M in federal funding from the prestigious Capital Magnet Fund. This funding will allow AHC to establish an internal revolving loan fund that will leverage an additional $20M in private capital to renovate at least 331 deeply affordable apartments at AHC communities in Northern Virginia, Baltimore, and suburban Maryland.
“We’re excited to be a first-time awardee for this competitive program,” said Paul Bernard, President/CEO of AHC Inc. “This award will help us modernize several aging AHC Inc. properties and also extend their affordability for another 30 years. Ultimately, the award will benefit our residents – and their communities – in census tract Areas of Economic Distress.”
AHC was one of only 59 recipients nationwide and just one of three in Virginia to receive funding. AHC was selected following a merit-based review of applications submitted from nearly 150 organizations.
The funds are administered by the United States Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund through the department’s Capital Magnet Fund.
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 59 organizations $336.4 million to support financing for the preservation, rehabilitation, development or purchase of affordable housing as well as related economic development and community service facilities such as daycare centers, workforce development centers and health care clinics.
The awardees are required to leverage their awards with other private and public investment by at least 10 to 1, guaranteeing that a minimum of $3.36 billion will be invested in eligible projects across the United States. Read the CDFI news release or check out the award book to learn more.
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