GALLEGO ANNOUNCES $12 MILLION COMING TO ARIZONA FOR AFFORDABLE HOUSING DEVELOPMENT
WASHINGTON, DC – RealEstateRama – Rep. Ruben Gallego (AZ-03) announced that $12 million for affordable housing development is coming to Arizona through the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund).
$9 million will be going to Phoenix-based Raza Development Fund and $3 million to San Luis-based Comite de Bien Estar. The funding is being provided via the CDFI Fund’s Capital Magnet Fund which helps create and preserve affordable housing for low-income families and economically distressed communities by attracting private capital.
“Every Arizonan deserves a safe place to call home, but a shortage of affordable housing in our state has made that more and more difficult,” said Rep. Gallego. “I’m proud to be a long-time supporter of the CDFI Fund, and I am excited to see funding I fought for coming directly to Arizona to help our communities.”
“Raza Development Fund is honored to receive a Capital Magnet Fund award. The journey to economic mobility starts with a safe and affordable home. We will leverage this investment for the benefit of Latino and other under-resourced communities,” said Annie Donovan, Raza Development Fund’s President & CEO.
Gallego has long supported robust funding for the CDFI Fund through the Congressional appropriations process.
Early this year Rep. Gallego toured the Soluna II housing development in Phoenix, highlighting the city’s continued effort to increase housing supply and get more Arizonans housed, affordably.
In addition, he proudly announced more than $93.5 million in HUD funding to support affordable housing, community development and homeless assistance in Arizona. That’s on top of the nearly $11 million Rep. Gallego secured as part of last year’s FY23 Community Project Funding Requests to support affordable housing development in Arizona’s 3rd Congressional District.
