The Community Preservation Corporation (CPC) and TruFund Financial Services announced the launch of their new $6 million fund aimed at helping Black developers within the housing and community development space grow their businesses. The fund will provide equity capital and technical support to eligible Black housing developers who may lack access to affordable capital and support from conventional sources.
The new joint venture between CPC and TruFund will facilitate affordable capital to support New York State-based emerging Black developers with the goal of building their capacity and growing their business infrastructure.
Funding provided through the program can be used to acquire, develop, finance, operate, improve, preserve, sell, and dispose of private and publicly financed affordable housing and community development investments within the state. Each project must meet the needs of low- to moderate-income communities or residents and enhance the capacity and progress of Black-owned businesses.