Eden Housing Awarded $10 Million Towards Affordable Housing Projects
November 3, 2023
— U.S. Department of Treasury provides $321 million in support of 52 organizations —
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI) has awarded Eden Housing a significant $10 million award to be used towards current and future affordable housing projects.
“This investment represents a profound commitment to our cause,” said Eden Housing CEO Linda Mandolini. “Grants like this are critical to helping us build stronger, more inclusive affordable housing communities. We are grateful for the support, and we look forward to leveraging the power of these funds to create change that the residents in our state will feel for generations to come.”
The U.S. Department of the Treasury’s CDFI awarded $321.2 million to 52 organizations for the development of affordable housing and community facilities that serve low-income individuals, families, and communities. The funds will support financing for the preservation, rehabilitation, development, or purchase of affordable housing as well as related economic development and community service facilities such as day care centers, workforce development centers, and health care clinics.
Recipients are required to leverage their awards with other private and public investment sources by at least 10 to 1, guaranteeing that a minimum of $3.21 billion will be invested in eligible projects across the United States.
Eden Housing will use their award to leverage an impressive $718 million from private and public sources. These funds will assist with new construction, the rehabilitation of Eden’s portfolio properties as well as the acquisition of new buildings. Overall, the award will impact at least 990 apartments, with a minimum of 77% of those units targeting very low-income residents who earn 50% or below the area median income. Projects will include housing in rural areas, and at least one development for individuals with special needs.
ABOUT EDEN HOUSING
Eden Housing is a non-profit organization with 55 years of experience providing safe and affordable housing that helps families stay secure, allows communities to thrive, and solves many of the most pressing housing challenges facing California cities. Since its inception, the Bay Area-based organization has developed more than 10,000 affordable homes and is a leader in making its residential communities environmentally sustainable and efficient through integrating energy conservation. Eden is also known as a champion of housing policy advocacy at the local, state, and national level, supporting practices that both create and preserve affordable housing for diverse communities. Learn more at www.edenhousing.org.