ALEXANDRIA, VA-Wesley Housing has received $3.75 million from the U.S. Department of Treasury for affordable housing development. The funds were awarded through the Community Development Financial Institutions Fund (CDFI), which is associated with the Capital Magnet Fund.
“The CMF fund will provide readily available, flexible, low-cost financing for development projects that would otherwise not be accessible to us as quickly, helping to expedite positive impact and equity across the greater DC metro area,” said Kamilah McAfee, President and CEO of Wesley Housing. “These federal funds will be a catalyst for expanding economic opportunities for historically under-resourced individuals and communities and enhance our capacity to address the housing crisis in our region.”
The grant will assist with development projects, including multi-family housing, permanent supportive housing, and housing for older adults.
Wesley Housing was one of only two organizations in Virginia, and 48 nationwide, to receive financial support through the CDFI. A total of $246.4 million was awarded. There were 136 applicants.
A press release says that every home created or preserved through this grant will serve people with low incomes. The release defines low income as “45% of households earning 50% or less of the area median income, and 75% of households located in areas of economic distress and/or high opportunity.”
For 50 years, Wesley Housing has been a nonprofit leader and developer of affordable housing in Northern Virginia and DC.
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