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2013 Awardees

Housing Partnership Network
NEXT Opportunity Award $2.5 MM Awardee

Across the country, as the demand for rental housing increases, the amount of money available for the preservation of affordable housing is shrinking. Real estate developers are buying up unsubsidized affordable housing with the aim of taking it out of the affordable stock and increasing the rents. In the process, low-income families who live there are being displaced. HPN, a Boston-based business collaborative of 100 of the nation’s premier housing and community development nonprofits, is helping preserve housing for low-income people by giving nonprofit affordable housing developers a chance to compete for the purchase of properties using a financing model long employed in the private sector.

+ Read More About Housing Partnership Network

+ Read an interview with Thomas Bledsoe, HPN's President and CEO 

Capital Impact Partners
NEXT Opportunity Award $2.75 MM Awardee

Detroit faces tough odds. Since 2000, the city has experienced a drastic drop in population. Thousands of abandoned homes and vacant lots create a desolate urban landscape in an area where the average home value is well below the state’s average. And residents, disproportionately low-to-moderate income, confront a 20% unemployment rate. Yet in this seemingly hopeless situation, Capital Impact sees tremendous opportunity, and it is working to revitalize the city that at one time embodied the American dream.

+ Read More About Capital Impact Partners

Opportunity Fund
NEXT Opportunity Award $3 MM Awardee

Small businesses need capital to grow, but in many low-income communities financing is hard to come by and entrepreneurs struggle to achieve their dreams. Opportunity Fund believes everyone, regardless of economic background, deserves a chance to succeed. California’s leading microfinance provider has developed a loan product—EasyPay—that’s putting capital in the reach of small business owners in even the most underserved communities.

+ Read More About Opportunity Fund

Freedom First Federal Credit Union
NEXT Seed Capital Award $100,000 Awardee

Virginia-based Freedom First Federal Credit Union is the recipient of the 2013 Seed Capital Award for its American Dreamer Loan product. The American Dreamer Loan product offers affordable, responsible financing to help Roanoke-area refugees, as well as immigrants who are legal permanent residents, apply for citizenship.