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October 21, 2010
Boston Community Capital and Enterprise Cascadia Are Wachovia Wells Fargo NEXT Awardees
    by Robert Kropp

Annual award for Community Development Financial Institutions recognize foreclosure strategy of BCCC and green financing by Enterprise.

Award recipients for the 2010 Wachovia Wells Fargo NEXT Awards for Opportunity Finance for community development financial institutions (CDFIs), which are funded through a $16.75 million grant by the Wachovia Wells Fargo Foundation and a $25 million loan to the Opportunity Finance Network (OFN) by the John D. and Catherine T. MacArthur Foundation, were announced this week.

Boston Community Capital (BCC), whose Stabilizing Urban Neighborhoods (SUN) program purchases foreclosed homes and sells them back to the original occupants, received a $5 million low-cost loan and a $500,000 unrestricted grant. Enterprise Cascadia (SBEC) won a $2.5 million low-cost loan and a $250,000 unrestricted grant for its green financing program that provides homeowners with low-interest loans to finance energy-efficient retrofits.

The award recipients will be honored at OFN's annual conference in San Francisco on November 3rd.

The other finalists were
Alternatives Federal Credit Union of Ithaca NY, chosen for its program to expand the availability of credit union products and services in low-income communities, and Partners for the Common Good (PCG) of Washington DC, whose CDFI participation network aligns deployment of capital with local market expertise.

In congratulating the awardees, Mark Pinsky, President and CEO of OFN, stated, "Their vision, insight, enthusiasm, and commitment to social responsibility prove that they are leaders for the future of the CDFI industry."

OFN is a network of CDFIs whose members have provided more than $30 billion in financing to underserved markets over the past 30 years.

The Wachovia Wells Fargo NEXT Awards were launched in 2007, and are scheduled to continue through 2011.


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