CDA receives $1 million from federal CDFI program

December 13, 2021 — Last week, the Community Development Financial Institution Fund (CDFI Fund), department of the U.S. Department of Treasury announced its 2021 financial awards under the Community Development Financial Institutions (CDFI) Program. Cleveland Development Advisors (CDA), a local CDFI and GCP affiliate, received two allocations totaling $1.09 M for its CDA-Community Reinvestment Fund (CDA-CRF).

The CDFI Fund established this investment program to advance capacity building in CDFIs, increasing their ability to serve low-income people and underserved communities lacking adequate access to affordable financial products and services. In addition to “BASE” capacity building awards to nearly 250 entities nationwide, 10 select CDFIs also were awarded targeted Healthy Food Financing Initiative (HFFI) funds. These HFFI awards were made to CDFIs that use the dollars to support investments in businesses providing healthy food options for underserved communities.

CDA received an award of $590,000 in BASE funds from the CDFI Fund, which requires awards to be matched by local sources to increase impact. CDA also received an additional $500,000 HFFI award to support its work in supporting the introduction of healthy food options in underserved communities. As a certified CDFI and an affiliate of GCP, CDA serves as Northeast Ohio’s leader in providing real estate financing, technical expertise, and specialized tools to developers, businesses, and community groups.

“CDA is looking forward to investing these funds in catalytic projects that will help improve the quality of life of residents in our neighborhoods,” said Yvette Ittu. “We are grateful to the CDFI Fund for these two awards. CDFI funds are a critically important tool that provide needed capital that CDA deploys to generate and support investment in neighborhoods that are high in need but low in resources.”

CDA’s recent support of healthy foods projects include Dave’s Supermarket and The Cleveland Food Hub, both in Cleveland’s Midtown neighborhood. Other examples of projects where CDA has invested CDFI funds include The Pivot Center for Art, Dance and Expression in the Clark-Fulton neighborhood, Providence House’s new crisis nursery facility in Cleveland’s Buckeye neighborhood and investment in the Lead Safe Homes Fund.   

You can read more about the 2021 CDFI Fund Program awards here.