TREC Community Fund has been awarded a $125,000 grant from U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund. These grants are awarded annually to organizations across the nation who support revitalization and investment activity in low-income and economically distressed communities.
TREC Community Fund is the only organization in North Texas to receive a Fiscal Year 2016 CDFI Program Fund grant this year, and is among five organizations in Texas to receive an award. Nationally, the CDFI Fund Program awarded 196 grants and loans totaling $185.7 million. A total of 457 applications were received requesting more than $675 million under this round of the CDFI Fund Program.
“Receiving our fully-funded $125,000 grant request from the CDFI Fund is further evidence that TREC’s work to spark community transformation is making a difference in our community,” said Linda McMahon, president and CEO of TREC. “We are honored to be among the few organizations selected nationally to receive this grant, and are confident that it will be put to good use as we continue fill a market-need in local communities.”
The CDFI Fund grant will be used to support the work of TREC Community Fund, which offers access to capital for commercial real estate projects benefitting low-income communities. Since its establishment in 2011, TREC Community Fund has provided eleven loans totaling more than $1.7 million in flexible capital for community development projects across Dallas and Collin County. This translates into the development or rehabilitation of 150,000 square feet of community facilities to serve 58,000 adults and 400 children annually. It has also supported the development of 14,000 square feet of commercial real estate, development of 25 single-family homes and the rehabilitation of 14 multifamily housing units.