Ventana Fund award aims to help pandemic recovery in New Mexico

Jun. 14—Ventana Fund, a New Mexico Community Development Financial Institution (CDFI), was awarded $2,637,484 by the U.S. Department of Treasury to help low- and moderate-income communities recover from the pandemic and invest in long-term prosperity, according to a news release. The funding will used for the rehabilitation and renovation of small affordable rental projects throughout the state, typically between five and 50 units. It was awarded to organizations that serve communities that were negatively impacted by the pandemic, which in New Mexico is about 91% of the state. The Ventana Fund said it's the largest grant the fund has ever received.

The funding is designed to aid certified CDFIs to expand lending, grant making and investment activities in low- to moderate-income communities and to borrowers with significant unmet capital and financial services needs that have experienced disproportionate economic impacts from the COVID-19 pandemic.

The funding is also meant to catalyze growth in the financial and organizational capacity of CDFIs to carry out recovery activities.

"We normally receive between $500,000 and $1 million from the Department of the Treasury," said Todd Clarke, Ventana Fund Chairman. "We received additional funds this time because of the negative impact the pandemic had on the State of New Mexico. We look forward to deploying the funding and helping every community prosper."

Ventana Fund provides low-interest loans and related services to affordable housing developers who serve New Mexico's low-income residents and high-need communities. Ventana Fund was established in 2014 to meet the critical need for an increased supply of financing for affordable housing construction and rehabilitation in New Mexico. It is a 501(c)(3) nonprofit corporation organized by private citizens and housing professionals who are dedicated to increasing the number of decent affordable homes available to New Mexico's lower-income residents. Ventana Fund was certified as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury in March 2015.

"The money will also allow us to provide education programs to minorities, veterans, and women who are interested in investing in multi-family/housing. The program is still in the very early stages, but the grant has given us the funds to get it started," Clarke added.