DC organization CityFirst receives $500,000 grant recognizing its
program as one of the most promising models in the country for returning
foreclosed properties to productive use.
WASHINGTON, June 24 /PRNewswire-USNewswire/ -- Foreclosures, like the
subprime lending that precipitated them, have been heavily concentrated in
vulnerable neighborhoods. The resulting vacant and abandoned properties
threaten values of neighboring homeowners, invite crime, and discourage
further investment.
In response, Living Cities, a collaborative of major philanthropies and
financial institutions, has announced the awarding of its first round of
grants, $3,750,000, to support innovative, locally driven responses to
combat the crisis.
As part of this multi-city pilot, Washington, DC area non-profit
housing developer CityFirst Enterprises will receive a $500,000 grant to be
used for the purchase, rehabilitation, and sale of foreclosed homes to
working families.
"Affordable housing is so critical to building great neighborhoods
across the District," said Mayor Adrian M. Fenty. "Working together - the
government, the non profit community and the private sector - we need to do
everything we can to make sure that foreclosures do not destabilize our
communities and that real investment continues to flow to all corners of
our city. CityFirst and Living Cities should be applauded for their forward
thinking and action."
CityFirst Enterprises, will also have access to an unprecedented,
long-term $10 million commitment from the District of Columbia for a
10,000-unit project that will permanently preserve affordable housing for
working families.
"Woefully underrepresented in the subprime discussion are the voices of
millions of hard working families whose home values have plummeted by $200
billion simply because they live on blocks with clusters of foreclosed
homes. We expect our support to help build scalable models that will serve
as blueprints for communities around the country when and if federal aid
for such activities is made available," says Ben Hecht, President and CEO
of Living Cities.
The grants will go to models being built in strong, moderate and weak
housing markets, using mechanisms as diverse as New Market Tax Credits,
land trusts, and non-profit real estate brokers. In addition to grant
funds, Living Cities will be considering requests from these grantees for
up to $5 million in patient capital in the form of long-term, low-interest
rate loans from its Catalyst Fund, a new pool of funds provided through
program related investments from Living Cities' members. Decisions on these
loans will be made later this summer.
About Living Cities
Living Cities is the most enduring philanthropic and private sector
collaborative in the world, with investments in America's cities totaling a
half billion dollars over the past 15 years, leveraging over 15 billion
dollars to revitalize Urban America. Living Cities supports bold, promising
approaches that take advantage of cities' unique roles in America's
economic prosperity and that have the potential to transform the lives of
low-income people and the communities in which they live. For more
information, please visit: http://www.livingcities.org.
Living Cities members include: AXA Community Investment Program, Bank
of America, The Annie E. Casey Foundation, J.P. Morgan Chase & Company,
Deutsche Bank, Ford Foundation, Bill & Melinda Gates Foundation, Robert
Wood Johnson Foundation, The Kresge Foundation, John S. and James L. Knight
Foundation, John D. and Catherine T. MacArthur Foundation, The McKnight
Foundation, MetLife, Inc., Prudential Financial, The Rockefeller
Foundation, Surdna Foundation, US Department of Housing & Urban
Development. Affiliate Member: The Cleveland Foundation.
CONTACT: Eric Henderson of Living Cities, +1-646-442-2200,
ehenderson@livingcities.org
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[Via Real Estate Newswire]
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