Housing Assistance Council Receives $231,000 from Starbucks and
Opportunity Finance Network’s “Create Jobs for USA” Program

Contacts: Dan Stern | 202-842-8600, ext. 137 | dan@ruralhome.org
Karin Klusmann | 202-842-8600, ext. 118 | karin@ruralhome.org

Local CDFI Receives First Round Capital Grant in New Initiative to Spur Job Creation in the US

Washington, DC November 1, 2011 – A national community lender today received a $231,000 capital grant from the Create Jobs for USA Fund, a collaboration between Starbucks and Opportunity Finance Network (OFN). The money will Housing Assistance Council (HAC) to assist local rural nonprofit organizations across the country to create and sustain jobs in rural America as part of a national campaign to support small, community businesses.

HAC is one of just 28 community development financial institutions (CDFIs), in the nation to win a grant in the inaugural funding round. The grant was made possible by a $5 million seed contribution from the Starbucks Foundation. The Fund expects to raise tens of millions of dollars more, according to a spokesman, and one hundred percent of these donations will go to CDFIs to finance underserved community businesses, and help create and sustain jobs in underserved communities

Starting today/yesterday, The Create Jobs for USA Fund is collecting donations at www.CreateJobsforUSA.org and at nearly 7,000 company-operated Starbucks across the country. 100% of the donations will support organizations like HAC lending for job creation and retention across the US. CDFIs that are Members of Opportunity Finance Network (OFN) will compete for these funds on a rolling basis.

“Create Jobs for USA is making it possible for Americans who have $5 to share help people who don’t have $5 to spare by creating and retaining jobs in their communities,” explained Mark Pinsky, President and CEO of OFN. “HAC received this grant because it has demonstrated that it will provide financing that is good for community businesses and good for communities.”

“We’re pleased that Starbucks recognizes the important work that CDFIs are doing, and honored that the Create Jobs for USA Fund has made a first-round grant to us,” said Moises Loza, Executive Director at HAC. “Create Jobs for USA is unprecedented for the CDFI industry. It is shining a national spotlight on our work and will help HAC to create and sustain jobs in rural America”

Community development financial institutions (CDFIs) provide financing to community businesses in underserved markets where would-be community business owners may not qualify for credit from traditional lending institutions. Community businesses include small businesses, microenterprises, nonprofit organizations, commercial real estate developers, and affordable housing developers. All of these community businesses help to create and sustain local jobs.

Community business owners who would like to learn more about the program, or apply for a loan, can get more information at: https://opportunityfinance.net/findacdfi.

Housing Assistance Council improves housing conditions for the rural poor, with an emphasis on the poorest of the poor in the most rural places in the United States.

For more information about HAC please contact Dan Stern.

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About HAC

A nonprofit corporation headquartered in Washington, D.C., the Housing Assistance Council (HAC) has been helping local organizations build affordable homes in rural America since 1971. HAC emphasizes local solutions, empowerment of the poor, reduced dependence, and self-help strategies. HAC assists in the development of both single- and multi-family homes and promotes homeownership for working low-income rural families through a self-help, “sweat equity” construction method. The Housing Assistance Council offers services to public, nonprofit, and private organizations throughout the rural United States. HAC also maintains a special focus on high-need groups and regions: Indian country, the Mississippi Delta, farmworkers, the Southwest border colonias, and Appalachia.

About Opportunity Finance Network

Opportunity Finance Network (OFN) is the national network of Community Development Financial Institutions (CDFIs)—private financial institutions that are 100 percent dedicated to delivering responsible, affordable lending to help low‐income, low‐wealth, and other disadvantaged people and communities join the economic mainstream. CDFIs in the OFN network serve all 50 states, and OFN Member CDFIs originated more than $23.2 billion in financing in urban, rural, and Native communities through 2009. More information is available at: www.opportunityfinance.net

About Create Jobs for USA

Starbucks and Opportunity Finance Network have joined forces to help create and sustain jobs in communities across the country. Create Jobs for USA is a bold initiative to spark new financing to community businesses so they can hire and preserve jobs. Learn more or donate now at: www.createjobsforusa.org.