Funds to be Used to Help Low- & Moderate-Income Communities Recover from Pandemic

Ventana Fund, a New Mexico Community Development Financial Institution (CDFI), was awarded $2,637,484 by the U.S. Department of Treasury to help low- and moderate-income communities recover from the pandemic and invest in long-term prosperity. The funding will used for the rehabilitation and renovation of small affordable rental projects throughout the state, typically between five and 50 units. It was awarded to organizations that serve communities that were negatively impacted by the pandemic, which in New Mexico is about 91% of the state. This is the largest grant the Ventana Fund has ever received.

Authorized by the Consolidated Appropriations Act, 2021 (Pub. L. 116-260) to respond to the economic effects of the COVID-19 pandemic, the funding is designed to:

• Provide funding to Certified CDFIs to expand lending, grant making and investment activities in low- to moderate-income communities and to borrowers with significant unmet capital and financial services needs that have experienced disproportionate economic impacts from the COVID-19 pandemic.
• Catalyze growth in the financial and organizational capacity of CDFIs for the purpose of carrying out equitable recovery activities.

“We normally receive between $500,000 and $1 million from the Department of the Treasury,” said Todd Clarke, Ventana Fund Chairman. “We received so much more this time because of the negative impact the pandemic had on the State of New Mexico. We look forward to deploying the funding and helping every community prosper.”

Ventana Fund provides low-interest loans and related services to affordable housing developers who serve New Mexico’s low-income residents and high-need communities. Ventana Fund was established in 2014 to meet the critical need for an increased supply of financing for affordable housing construction and rehabilitation in New Mexico. It is a 501(c)(3) nonprofit corporation organized by private citizens and housing professionals who are dedicated to increasing the number of decent affordable homes available to New Mexico’s lower-income residents. Ventana Fund was certified as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury in March 2015.

“The money will also allow us to provide education programs to minorities, veterans, and women who are interested in investing in multi-family/housing. The program is still in the very early stages, but the grant has given us the funds to get it started,” Clarke added.