Impact Seven receives $492,000 in NeighborWorks 2016 Grant Funding
APRIL 6, 2016 – Almena, WI– NeighborWorks America announced last month that Impact Seven, Inc. has been recommended to receive $492,000 in 2016 grant funding, an over 170% increase from 2015’s award.
The grant funds are to be used across a variety of Impact Seven programming, including real estate development, asset management and business lending. A complete breakdown of the awards and their applications can be found below.
“NeighborWorks America has grown to become an important partner for Impact Seven and for the entire state. These awards will be put to work in affordable housing and small business development projects that lift up and create opportunities for the communities we serve.” – Brett Gerber, CEO
- Organizational Underwriting funds assist in strengthening organizational capacity to further revitalization efforts in communities.
- Eligible activities include those that address the full range of organizational management and development issues faced by nonprofit community development organizations, especially activities crucial to increasing production and community impact, and to ensuring the long‐term success of the organization.
- Community Stabilization funds provide general support and capacity for Impact Seven’s continuing work in rebuilding core neighborhoods within the City of Milwaukee that were hard hit by foreclosures during the housing crisis.
Lending Line of Business
- This is restricted capital for business lending for deployment within 12 months.
- LLOB dollars are intended to support organizations with a track record of serving high-need populations. We approached this by explaining that we target a) businesses that can’t get financing elsewhere, and/or b) businesses that benefit high-need populations by providing jobs, services, etc.
Real Estate Line of Business
- This is capital restricted for use in affordable housing development and asset management.
- Qualifying elements included adding 75+ units to property management portfolio and developing 50+ new/rehab units.