October 02, 2018
Aguilar Announces over $640,000 for Inland Empire Affordable Housing & Small Business Programs
Rep. Pete Aguilar announced that the US Department of the Treasury awarded Neighborhood Partnership Housing Services, Inc. in Rancho Cucamonga $500,000 and AmPac Tri-State CDC, Inc. in Grand Terrace $141,000 through the Community Development Financial Institutions Fund (CDFI Fund). The funding will assist the Inland Empire nonprofits in their mission to provide access to loans, down-payment assistance and home-improvement loans to first-time homebuyers throughout the region, as well as working capital and start-up capital for growing small businesses.
“From helping working families become homeowners to providing access to capital for small businesses, the CDFI is a great resource for our region. I’m proud to support this program because it helps Inland Empire families achieve the American dream of homeownership and allows small-business owners to create jobs and grow our local economy,” said Rep. Aguilar.
“In this housing market, it is very hard for your average family to purchase a home or make necessary repairs to their homes,” said Clemente Mojica, NPHS Chief Executive Officer. “With the CDFI Fund’s support, NPHS is able to bridge the affordability gap for many low-to-moderate income families and create safer living environments for existing homeowners throughout the Inland Valley.”
“Capital for small businesses remains among the top three reasons why businesses do not survive and why many existing businesses cannot thrive,” said Founder/President, Hilda Kennedy. “These funds will provide critical assistance for this region for helping businesses get the funds they need for working capital and to add new employees. It is true that small business are the drive train to our economy and these funds will help the Inland Empire economy.”
Rep. Aguilar has been a consistent advocate for the CDFI program. As a member of the House Appropriations Committee, he successfully fought for an increase in funding for the program for Fiscal Year 2018.