FOR IMMEDIATE RELEASE
National Job Creation Initiative Awards National CDFI Capital Grant to Spur Jobs Nationwide
Create Jobs for USA Program to Help Community Housing Capital and Fellow Community Lenders Generate Jobs across the U.S.
Decatur, GA - June 8, 2012 – Community Housing Capital, a national community development lender, announced today that it has received a $375,000 capital grant from the Create Jobs for USA Fund, managed by Opportunity Finance Network® (OFN). Starbucks and OFN teamed up to launch the Create Jobs for USA initiative in response to the jobs crisis facing America. This money will help Community Housing Capital create and sustain jobs as part of this national campaign to provide financing to community businesses in underserved areas.
A leader in affordable housing lending, Community Housing Capital provides access to flexible capital that is typically the missing piece in making affordable housing a reality in both urban and rural communities served by local NeighborWorks® organizations. Community Housing Capital delivers loan capital in a total neighborhood revitalization context that includes promoting and sustaining job creation through its national network of NeighborWorks organizations.
"We're pleased that Starbucks and Opportunity Finance Network recognize the important work that we do and honored that we received a capital grant from the Create Jobs for USA Fund," Jack Gilbert, President and Chief Executive Officer at Community Housing Capital, said. "Create Jobs is unprecedented for the CDFI industry. It is shining a national spotlight on our work and helping to provide the capital necessary so that we can continue our lending to important community businesses."
Community Housing Capital is one of the top-tier community development financial institutions (CDFIs) in the nation to be awarded a grant from the fund since the program began in November 2011. Create Jobs for USA, which was seeded with an initial $5 million donation from the Starbucks Foundation, pools donations from concerned citizens and select partners into a nationwide fund held and managed by OFN, for community business lending. Donors who contribute $5 or more receive a red, white, and blue wristband with the message "Indivisible." The wristbands are individually handmade in America and all component materials are manufactured by U.S. suppliers, so the effort is also helping support American manufacturing jobs.
Since November 1, Create Jobs has been collecting donations at www.CreateJobsforUSA.org and at nearly 7,000 company-operated Starbucks across the country. Thus far, the initiative has raised more than $7.5 million dollars to help create and sustain jobs. 100 percent of that money is being used to support organizations like Community Housing Capital. In addition to donations from concerned citizens, other like-minded companies are joining to support the program as well. You can visit www.createjobsforUSA.org to learn more about the companies involved in the initiative.
"Create Jobs for USA makes it possible for Americans to help other Americans who need jobs. By donating $5 at Starbucks stores or online, individuals can help create and retain jobs in their communities because 100% of donations collected go to community businesses across the country," Mark Pinsky, president and CEO of OFN, explained. "Community Housing Capital received this grant because it has demonstrated that it will provide financing that will lead to jobs, which is good for community businesses and good for communities."
CDFIs provide financing to community businesses in underserved markets where would-be community business owners may not qualify for credit from traditional lending institutions. Community businesses include small businesses, microenterprises, nonprofit organizations, commercial real estate developers, and affordable housing developers. All of these community businesses help to create and sustain local jobs.
NeighborWorks organizations who would like to apply for project financing from Community Housing Capital can get more information at www.communityhousingcapital.org. Or to find other CDFIs, visit http://opportunityfinance.net/findacdfi.
For more information about Community Housing Capital please contact Debbie Campbell, Vice President and Director of Marketing.
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About Community Housing Capital
Community Housing Capital (CHC) is a Community Development Financial Institution (CDFI) and a national intermediary offering interim and permanent financing for the development and preservation of affordable housing. CHC's borrowers often require early-stage financing, making CHC's underwriting expertise especially important in attracting other sources of capital and subsidies. CHC's ability to structure and finance transactions has established CHC as the premier lender to the NeighborWorks network. More information is available at: www.communityhousingcapital.org.
About Opportunity Finance Network
Opportunity Finance Network (OFN) is the national network of Community Development Financial Institutions (CDFIs)—private financial institutions that are 100 percent dedicated to delivering responsible, affordable lending to help low‐income, low‐wealth, and other disadvantaged people and communities join the economic mainstream. More information is available at: www.opportunityfinance.net
About Create Jobs for USA
Starbucks and Opportunity Finance Network have joined forces to help create and sustain jobs in communities across the country. Create Jobs for USA is a bold initiative to spark new financing to community businesses so they can hire and preserve jobs. Learn more or donate now at: www.createjobsforusa.org.