photo Todd Clarke
Ventana Fund award aims to help pandemic recovery in New Mexico
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, according to a news release. 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. The Ventana Fund said it’s the largest grant the fund has ever received.
The funding is designed to aid 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.
The funding is also meant to catalyze growth in the financial and organizational capacity of CDFIs to carry out recovery activities.