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)