Fahe Awarded $1.1 Million from U.S. Treasury CDFI Fund
These funds will support Fahe’s mission to eliminate persistent poverty in Appalachia
Berea, KY – Fahe has been awarded $1,096,905 from the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI). The CDFI Program invests in and builds capacity of CDFI’s to serve low-income people and communities lacking adequate access to affordable financial products and services.
Fahe’s award was comprised of a Financial Award (FA) and supplemental funding allocated from the CDFI Funds persistent poverty county (PPC) set-aside for organizations with investments in persistent poverty counties. Fahe is a long-standing anchor institution that invests in the future of Central Appalachia through a network of 50+ Members with resources such as finance, collaboration, innovation, advocacy, and communication. Fahe’s central support structure bypasses the geographical isolation and boundaries which inhibit other organizations from thriving in the area. By supporting Fahe through the CDFI Fund, the U.S. Treasury is supporting the growth and continuing support of leadership, housing, education, health and social services, and economic opportunity in Appalachia.
According to Jim King, President of Fahe, “We are extremely pleased to receive this funding; it empowers Fahe to draw in new capital to Appalachia. With this award, we anticipate leveraging $85 million in new loans over the next 5 years.”
The Award to Fahe is part of a larger $208.7 million award to 303 CDFIs across the country including three Fahe Members: Woodlands Community Lenders of Elkins West Virginia received $250,000, Community Ventures of Lexington Kentucky received $916,905, and Kentucky Highlands Investment Corporation of London, KY received $1,096,905.
Fahe is on a mission to eliminate persistent poverty in Appalachia. Our unique collaborative model connects a Network of local, regional, and national leaders, all working together to uplift our nation’s rural places.
Through our Network of 50+ locally rooted nonprofits across six states, we have guided over 450,000 families to better lives, made over $703 million in direct investments to the region, and achieved a total cumulative financial impact of over $1.4 billion.
To learn more about how Fahe creates opportunity and transforms communities, visit www.fahe.org.
About CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $2.5 billion to CDFIs, community development organizations, and financial institutions through the Community Development Financial Institutions Program, the Native American CDFI Assistance Program, and the Bank Enterprise Award Program. In addition, the CDFI Fund has allocated $50.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, closed guaranteed bonds in the amount of $1.1 billion through the CDFI Bond Guarantee Program, and awarded more than $171 million through the Capital Magnet Fund.
To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at www.cdfifund.gov.