Community Development Corp. of Long Island awarded $135,000 affordable housing grant

According to the Community Development Corp. of Long Island (CDC),it was awarded a $135,000 affordable housing grant to rehabilitate affordable housing properties. CDC will be leveraging this funding with a $50,000 grant received from TD Charitable Foundation late last year in order to conduct capital improvements on 10 rental properties that CDC of Long Island operates as affordable housing for families. "The federal NeighborWorks America funding for capital improvements in our rental housing is beautifully leveraged by the TD Bank Foundation's grant of $50,000 that the corporation received recently," said Marianne Garvin, president & CEO, CDC. "CDC strongly believes that Long Island benefits when there is both public and private investment in our communities." "We are very pleased to have this funding available to improve our rental properties, making them more comfortable and energy efficient for our tenants, and an improved asset for our communities," said L. Von Kuhen, senior vice president, CDC. "This grant funding will allow CDC of Long Island to continue their work helping Long Islanders, said rep. Steve Israel ((D-Huntington). "I commend them for their commitment to public-private partnerships." CDC is one of 115 local NeighborWorks organizations to receive $34.9 million in Capital Funding for the Rehabilitation of Affordable Housing (CFRAH) grants to rehabilitate or finance the rehabilitation of affordable housing nationwide, including smaller and rural communities with affordable housing needs. "CDC of Long Island plays a key role in meeting the clear need for affordable housing in Long Island," said congressman Tim Bishop. "I applaud them for leveraging public-private partnerships to make a real difference in our communities." The Capital Funding for the Rehabilitation of Affordable Housing (CFRAH) grants enable CDC and other local small- and medium-sized nonprofit businesses to develop, or continue to fund: * Revolving loan funds for rehabilitation lending for owner-occupied property; * Rehab of residential rental housing currently owned by local NeighborWorks organizations; * Rehab of residential rental housing that is newly acquired or will be acquired by local NeighborWorks organizations; * Rehab of single family homes that will be acquired or have been recently acquired by local NeighborWorks organizations and will be sold to homeowners. CDC of Long Island is a not-for-profit organization that supports Long Islanders pursuing their housing and small business dreams. Since its inception 41 years ago, CDC invests its resources, talents and knowledge in households, small business and communities assisting more than 93,000 Long Islanders and investing $806 million into their communities. Last fiscal year alone, CDC served more than 17,000 Long Islanders investing nearly $85 million into their communities.