RI Non-Profit Wins $1 Million Affordable Housing Grant from Senator Reed’s Capital Magnet Fund

PROVIDENCE, RI – October 19, 2010 – (RealEstateRama) — The Women’s Development Corporation (WDC), a non-profit developer and manager of over 1,000 housing units statewide, will receive a $1 million Capital Magnet Fund federal grant to leverage $24.5 million to develop 155 units of affordable housing and create construction jobs throughout Rhode Island.

U.S. Senator Jack Reed (D-RI) created the Capital Magnet Fund in 2008.  Reed authored the law establishing the program to annually support community development financial institutions and non-profit housing developers that increase investment in low-income housing through such techniques as revolving loan funds, risk-sharing loan programs, loan-loss reserves, and affordable housing trust funds.

“The Women’s Development Corporation is an outstanding organization and this federal grant will enable them to move forward with plans to build quality, affordable housing for more Rhode Islanders.  This is a smart investment that will enable the Women’s Development Corporation to leverage its resources and put folks to work producing affordable housing,” said Reed, a member of both the Banking Committee, which oversees federal housing policy, and the Appropriations Committee, which oversees federal spending for community development and housing programs.

“We are thrilled to have won this federal grant and grateful to Senator Reed for creating the Capital Magnet Fund and providing us with this opportunity.  WDC will use this award to leverage our resources and construct new, environmentally responsible housing and revitalize neighborhoods.  In addition to providing quality homes, these new housing units will help spur economic development and boost tax revenues for cities and towns across the state,” said Alma Felix Green, President of the Women’s Development Corporation.

WDC designs, develops, preserves, and manages affordable housing for families, elderly persons, and persons with special needs throughout Rhode Island.  WDC will use its Capital Magnet Fund award to capitalize a revolving loan fund that will be dedicated to the development, rehabilitation, and purchase of affordable housing for low- and very low-income persons.

This competitive grant is administered by the U.S. Treasury Department.  This year Treasury awarded a total of $80 million in Capital Magnet Fund grants to organizations throughout the country.

Earlier this year, Reed helped secure $6.2 million in federal funding to construct or renovate housing for low-income residents throughout Rhode Island, including $3.2 million to enable the Women’s Development Corporation to build 20 apartments in South Kingstown for low-income seniors and to provide services to households with a disabled family member.