RCIF Awarded US Department of Treasury Grant

On September 26, 2022 the U.S. Department of Treasury published the list of recipients of its 2022 Technical Assistance Capacity Building Grants.  RCIF is pleased to have been awarded $125,000 to help support and expand the work that it is doing in the low- and moderate-income neighborhoods in Rockford, Illinois, which make up its Target Market.  RCIF is the only Community Development Financial Institution operating in Northern Illinois, outside of the Chicago area.  This grant will enable it to build on its program of financing the rehabilitation of dilapidated housing stock in its Target Market.  Without RCIF’s financing efforts, capital for this rehabilitation work would not be available, perpetuating the blight in these neighborhoods.

Community Development Financial Institutions are mission driven organizations providing financing for underserved communities and populations.  RCIF was created to help alleviate what the City of Rockford has identified as its most serious housing problem.  In its Five-Year Consolidated Plan for 2020-2024, the city stated that “the rehabilitation of homes has been unaffordable and out of reach financially for homeowners and landlords allowing the cycle of dilapidated and unlivable homes to continue without sufficient and proper replacement.”  RCIF plans to use this grant to increase the availability of affordable, safe and sanitary housing in its Target Market.