Wesley Housing Awarded $3.75 Million for Affordable Housing Development

Federal funding to accelerate at least 365 affordable units

 

Alexandria, VA – October 30, 2024: The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 48 organizations $246.4 million for the development of affordable housing and community facilities serving low-income families and communities that need additional investment. Among the recipients, leading nonprofit affordable housing developer, owner, and operator, Wesley Housing, was awarded $3.75 million through the fiscal year 2024 round of the Capital Magnet Fund (CMF).

Wesley Housing will leverage these funds to support the early-stage financing of at least 365 units across its regional housing portfolio, encompassing both new construction and rehabilitation.

 

“The CMF fund will provide readily available, flexible, low-cost financing for development projects that would otherwise not be accessible to us as quickly, helping to expedite positive impact and equity across the greater DC metro area,” said Kamilah McAfee, President and CEO of Wesley Housing. “These federal funds will be a catalyst for expanding economic opportunities for historically under-resourced individuals and communities and enhance our capacity to address the housing crisis in our region,” she added.

 

These funds will benefit a diverse range of development projects, including multifamily housing, permanent supportive housing, and housing for older adults. All the homes created or preserved will serve households with low incomes, with 45% of households earning 50% or less of the area median income, and 75% of households located in areas of economic distress and/or high opportunity.

 

Wesley Housing was one of only two organizations in Virginia and among 48 recipients nationwide to receive this funding. Selected from a competitive pool of 136 applications, this award recognizes Wesley Housing’s ability to efficiently deploy funds into meaningful development projects. With a 50-year history of serving the region, Wesley Housing is well-prepared to utilize and manage a revolving early-stage financing loan fund, furthering the development and preservation of affordable housing in Northern Virginia and the greater DC region over the next five years.

 

To learn more about Wesley Housing and its ongoing mission to expand affordable housing in the region and beyond, please visit: www.wesleyhousing.org.

 

About Wesley Housing: Wesley Housing, a leading nonprofit developer in Northern Virginia and the District of Columbia, has worked to provide affordable rental housing for individuals and families for 50 years. Since its founding, Wesley Housing has emerged as a premier developer of affordable housing. Wesley Housing has acquired or developed over 2,900 rental units, providing quality housing for thousands of low-income individuals and families each year. Wesley Housing supplements housing with supportive services to build up the lives of its residents, including low- and moderate-income families, older adults, and individuals with disabilities and/or chronic disease. For more information, please visit www.wesleyhousing.org and follow @WesleyHousing on social media.

 

About the CDFI Fund: Since its creation in 1994, the CDFI Fund has awarded more than $8 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Awards Program, the Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $81 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program.

 

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