The Department of the Treasury's Community Development Financial Institutions Fund Equitable Recovery Program (CDFI ERP) awarded $500,000 to Piedmont Housing Alliance through June 2028. The CDFI ERP aims to expand lending, grant making, and investment in low- to moderate-income communities disproportionately impacted by COVID-19 through Community Development Financial Institutions (CDFIs) like Piedmont Housing Alliance.
As a nonprofit community development organization, Piedmont Housing Alliance will use this funding to finance affordable housing development, preserve and rehabilitate affordable housing stock, provide housing counseling services, and support community revitalization efforts benefiting low-income individuals, families and communities in Charlottesville, Virginia and surrounding counties. This includes $4.5M in previous funding from the Department of Treasury's Capital Magnet Fund and $1.13M from HUD for similar economic development and community projects. The CDFI ERP award will allow Piedmont Housing Alliance to continue and expand these efforts through June 2028 in areas impacted by the pandemic.
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