A $750,000 capital award from OCF will help HDC Community Fund provide larger loans.

Farmworker Housing Development Corporation’s Colonia Paz II opened to residents in Lebanon, Oregon, in 2023. It is one of 27 affordable housing communities and mixed-used developments that have been developed with the support of HDC Community Fund loans.

Thank you to Oregon Community Foundation and its Oregon Impact Fund for awarding $750,000 in low-interest funds to HDC Community Fund!

With this funding commitment, HDC Community Fund’s total lending capital grew to $2.88 million, an increase of more than one-third. The new capital will strengthen our capacity to provide larger-sized loans and help more of our nonprofit partners get needed affordable housing developments off the ground.

HDC Community Fund is HDC’s affiliated community development financial institution (CDFI). It was created in 2009 to provide short-term liquidity to sponsors of affordable housing and community-facility developments. Our loans help lift projects across early development thresholds and leverage major investments.

HDC Community Fund has made 27 high-impact loans, totaling $9.98 million, to community-based nonprofits in Oregon and southwest Washington. These loans have helped to leverage more than $400 million in permanent financing for the development of 1,663 affordable homes and 57,085 square feet of community facility space. Recent developments financed with the help of HDC Community Fund loans include Northwest Coastal Housing’s Golden Eagle II apartments preservation project and Catholic Charities of Oregon’s Good Shepherd Village, both completed in 2023.

“Our nonprofit partners provide affordable homes to seniors, immigrant families, individuals with serious mental illness, and other vulnerable residents. We are excited to use this new low-cost capital to help our partners meet the housing needs of underserved communities,” said HDC Community Fund Director Meredith Bowie.

Oregon Community Foundation’s Oregon Impact Fund lends to nonprofit organizations, tribal enterprises, and for-profit social ventures in Oregon that create quantifiable impact in the areas of affordable housing, education, health care access, natural resource management and job creation in underserved communities.

HDC is deeply grateful to OCF, the Oregon Impact Fund, and OCF partner Occam Advisors for making this funding opportunity possible. Learn more about HDC Community Fund.