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2013 NEXT Opportunity Awards winners announced

September 20, 2013

Opportunity Finance Network announced the three winners of its annual NEXT Opportunity Awards. Three community development financial institutions were awarded a total of $8.25 million in loans and grants, including $7.5 million in low-cost debt and $750,000 in unrestricted grant funding. The winners are all CDFIs with strategies to expand geographic and/or product coverage. The funders of award includes The Kresge Foundation, the John D. and Catherine T. MacArthur Foundation, and Wells Fargo.

The recipients of the awards are:

  • Housing Partnership Network, which receives $2.5 million to expand the real estate investment trust to acquire and preserve affordable housing.
  • NCB Capital Impact, which receives $2.75 million to support Detroit’s Woodward Corridor
  • Opportunity Fund, which receives $3 million to expand its loan product for small businesses in California

The selection committee of the award includes:

  • Anthony Berkley (W.K. Kellogg Foundation; Mission Investors Exchange steering committee)
  • Tina Castro (The California Endowment; Mission Investors Exchange steering committee)
  • Kimberlee Cornett (The Kresge Foundation; Mission Investors Exchange steering committee)
  • Debra Schwartz (John D. and Catherine T. MacArthur Foundation; Mission Investors Exchange advisory committee)
  • David Wood (Initiative for Responsible Investment, Hauser Center for Nonprofit Organizations; Mission Investors Exchange partner)