Lofgren Announces $3.6+M in Federal COVID-19 Relief Funding for Housing & Community Development in San Jose
WASHINGTON, DC – Today, U.S. Representative Zoe Lofgren (CA-19) announced that the U.S. Department of Treasury's Community Development Financial Institutions (CDFI) Fund will provide $3,652,530 in COVID-19 relief to San Jose organizations.
This funding was included in the year-end government funding and COVID-19 relief package, the Consolidated Appropriations Act of 2021, which Lofgren voted for and the House passed at the end of December 2020.
"For more than a year, the COVID-19 pandemic has created many challenges for families and businesses in San Jose. Unfortunately, our already-existing home affordability challenges were worsened and small businesses struggling to gain footing in a high-cost-of-living area were further disadvantaged," said Lofgren. "This federal funding will help boost our South Bay economy and, importantly, help address disparities in San Jose, specifically for communities hit hardest by the pandemic."
This funding will go to two organizations California's 19th District:
- Opportunity Fund Community Development: $1,826,265
- Housing Trust Silicon Valley: $1,826,265
The funding comes specifically from the CDFI Fund's Rapid Response Program (RRP), which provides necessary capital for CDFIs to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities. Funds can be used for financial products, financial services, development services, certain operational activities, and to enable CDFIs to build capital reserves and loan-loss reserves.
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