Great news for anyone interested in helping get needed community development projects off the ground.
The cities of Elkhart, Goshen and Nappanee along with Elkhart County are collaborating on studying whether and how to tap into financial resources through Community Development Financial Institutions.
On Thursday, November 19, 2020, The Elkhart Truth’s Jordan Fouts reported:
“GOSHEN — City and county leaders hope to find new avenues of financing for community development projects through a joint venture just taking shape.
The Elkhart County Board of Commissioners and the mayors of Elkhart, Goshen and Nappanee are signing on to an interlocal agreement to study the possibility of tapping into a new source of funding. The project could result in gaining access to a nationwide network of over 1,000 Community Development Financial Institutions, which represent more than $220 billion in assets.”
As entrepreneurs look to improve downtowns and neighborhoods with needed investment in houses, storefronts and commercial properties, the capital from CDFIs could be just what those projects need.