INHS Receives Nearly $2 Million to Support the Expansion of Affordable Housing Development
INHS was recently awarded $1,800,000 from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund to support the financing of the development or purchase of affordable housing for low-income communities across INHS’s seven-county service area through the Capital Magnet Fund (CMF) Program.
Over the next five years, INHS plans to construct over 300 rental units and three commercial units that will annually provide essential social services to low-income households. The current development pipeline consists of six prioritized projects, four of which are located in rural areas, and three that are located in areas of economic distress. INHS will leverage the funds with other private and public investments.
The combination of high demand, limited supply and low vacancy rates, burdensome property taxes, gentrification, and an aging housing stock pose significant challenges to low-income renters and homeownership households. This funding will allow INHS to confront the substantial development and funding challenges in order to develop affordable and high-quality homes, and expand its services throughout the Finger Lakes and Southern Tier regions.
“We are incredibly grateful for the support of the CDFI Fund and CMF Program that will allow us to continue to support our mission to provide safe, healthy homes to low and moderate-income households. Our organization, clients, partners, and communities have faced unprecedented challenges throughout the pandemic, and receiving this support gives us confidence that, together, we can continue our impactful work,” said INHS Executive Director Johanna Anderson.
CDFIs are mission-driven institutions dedicated to providing financial services to meet the needs of economically disadvantaged individuals within underserved communities. They invest in local communities, and the residents who live there, by providing critically needed financing often unavailable from mainstream financial institutions.
Routine Maintenance and Seasonal Tasks – An INHS Post-Purchase Class – April 22 (In-person)
