Michigan Interfaith Trust Fund Hosts Press Event…

Director Gambrell Participates in Event Celebrating Investment

in Affordable Housing Project in Southwest Detroit

 

Detroit, Michigan ­- U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) Director Donna J. Gambrell visited Detroit, Michigan today to attend a site visit and press event hosted by the Michigan Interfaith Trust Fund (Trust Fund), a certified CDFI and recipient of a 2009 CDFI Program award of one million dollars.  Senator Debbie Stabenow, State Representative Rashida Tlaib and other officials also attended the event.

 

The Trust Fund, a nonprofit loan fund providing loans and technical assistance for economic development and affordable housing throughout Michigan, used $550,000 of its award to refinance the mortgage on a four building apartment complex consisting of 54 units of affordable housing and commercial space.  The complex is owned by Southwest Housing Solutions, a Detroit-based Community Development Corporation.  The CDFI Fund grant is the largest single grant the Trust Fund has received in its 25-year history.

 

“This project is a wonderful example of how capital awarded through the CDFI Program can help stabilize neighborhoods by providing quality affordable housing and opportunities for entrepreneurs to own their own businesses,” said Director Gambrell.

 

The Trust Fund is a nonprofit loan fund started in 1985 that fosters economic and social justice by providing loans and technical assistance for economic development and affordable housing throughout Michigan.  The Trust Fund has loaned more than $30 million to nonprofit housing developers and small businesses.  These loans have resulted in the development or preservation of over 2,100 units of affordable housing, the creation of nearly 340 jobs and 125 spaces in child care centers, and the construction or rehabilitation of over 134,000 square feet of commercial space in the state of Michigan.

 

For more information about the CDFI Fund, visit http://www.cdfifund.gov/

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• Mission Statement

  The Michigan Interfaith Trust Fund fosters economic and social justice by providing loans and technical assistance for affordable housing and economic development throughout Michigan.

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• Our Work

  Throughout the Trust Fund’s 25 year history, our loan programs have had the following impact on the communities we serve.

  (as of March 31, 2010)

  • 2,123 housing units assisted
  • 273 loans for affordable housing
  • $27.3 million loaned for affordable housing
  • $80.2 million leveraged from other sources for affordable housing
  • 412 jobs created through economic development lending
  • 125+ (minimum) childcare slots created by economic development lending
  • 134,735 square feet developed or rehabbed
  • 60 loans for economic development
  • $3 million loaned for economic development
  • $17.4 million leveraged from other sources for economic development