The Catalytic Fund has been awarded a $1.25 million Financial Assistance Grant from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund. This grant will provide additional capital to the organization’s Flexible Capital Pool, which is used alongside its Investor Fund to offer nontraditional financing and development services aimed at real estate projects in Northern Kentucky.
These projects focus on promoting economic and community development in areas where investments in underutilized sites and buildings are needed. The Catalytic Fund specializes in offering nontraditional loans and investment options to support such initiatives.
As a certified CDFI by the U.S. Department of the Treasury, the Catalytic Fund meets strict criteria. Certification requires organizations to be nonprofit entities with a mission centered on community development and the capacity to provide capital through loans or investments, backed by a qualified staff.
Since its initial capitalization in 2013, the Catalytic Fund’s capital pool has expanded from $10 million to $31.8 million. During this period, the organization has financed or provided development services for over 100 real estate projects, representing more than $450 million in new investment in Northern Kentucky. Key projects include the Hotel Covington, Boone Lock Lofts, Bradford Building, Kent Lofts in Bellevue, and Burton’s Building in Dayton.
The organization has also contributed to community facility projects, including the Life Learning Center, Northern Kentucky Emergency Shelter, and Samaritan Car Care Clinic.
In addition to support from the CDFI Fund, the Catalytic Fund receives investment capital from 20 private entities. The new CDFI grant will enhance the Catalytic Fund’s ability to invest in projects that have significant community impact but face challenges due to the complexities of urban redevelopment.
According to Jeanne Schroer, CEO of the Catalytic Fund, “Our work aids in the redevelopment of vacant and neglected properties, attracts investment to historically underserved areas, and helps create spaces that enhance the quality of life in our community. Expanding our Flexible Capital Pool through this CDFI grant will increase our capacity to support transformative projects that generate lasting positive change in Northern Kentucky.”
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By Proptechbuzz
By Ravi Kumar