Utah's Deer Creek Reservoir to Undergo $60M in Infrastructure Upgrades
Deer Creek Reservoir, which supplies water to over 50% of Utah's population, will undergo about $60 million in infrastructure improvements starting next year. Utah's water resources board approved contributing $40 million to the project out of a revolving loan fund. Some of the existing infrastructure is over 80 years old and the improvements will ensure it can last another 80 years at least.
CHISPA Receives $680K Loan for King City, CA Housing Development
Community Housing Improvement Systems and Planning Association Inc. (CHISPA) has received a $680,000 acquisition loan to purchase property in King City and create 40 affordable homes aimed toward farmworkers in the region. The funding is being made available through the Monterey Bay Housing Trust (MBHT), a revolving loan fund sponsored by the Monterey Bay Economic Partnership and Housing Trust Silicon Valley.
Tennessee Announces $15.7M in Clean Water Loans
Tennessee officials have announced over $15.7M in loans for water infrastructure improvements across the state. Most of the loans will allow for local wastewater treatment upgrades and drinking water distribution, and were all from Tennessee's Drinking Water State Revolving Fund Loan Program. The funds will support eight loans term lengths varying from five to twenty years, and interest rates varying from 0.65 to 1.09 percent.
U.S. Bank Foundation Invests $1M to Support Emerging Leaders and Community-Led Solutions to Address Economic Disparities
U.S. Bank Foundation announced a $1 million investment to 20 nonprofit organizations driven by a diverse group of exceptional emerging leaders who are focused on creating effective community-led solutions to the increasing economic disparities. Organizations are in both rural and metro communities and offer support for entrepreneurs and small business owners, workforce development programs, and financial inclusion efforts as solutions to wealth building.
Wealth Matters: The Black-White Wealth Gap Before and During the Pandemic
Huge wealth disparities between Black and white households in America existed long before the COVID-19 pandemic and have continued during the crisis. Data show that during the pandemic, Black households faced more financial emergencies with fewer economic resources, resulting in a widening gap in economic opportunity between Black and white households.
Native-Led Organizations Secure $3M to Expand Native-Led Entrepreneurship Support
The W.K. Kellogg Foundation has awarded a $3 million grant to four Native-led organizations to establish a new entity that fosters and strengthens entrepreneurship in Indigenous communities across the U.S. Southwest. The new entity will serve as a "backbone" for the four organizations, enabling them to share fundraising, administrative, legal, data, and marketing and communications resources, and offering the potential to establish a fund to invest in Native entrepreneurs.
Racine, WI Looks to Replenish Brownfield Loan Fund with EPA Grant
The city's brownfield remediation loan program may soon get a $500,000 boost thanks to an Environmental Protection Agency grant. The Finance and Personnel Committee has voted to move the federal grant forward so that city staff can accept the funds for the Brownfield Cleanup Revolving Loan Fund.
Development Projects in Henrico County, VA Receive Loans for Affordable, Special Needs Housing
Three new Henrico County developments are among 24 projects statewide that will receive a share of more than $21 million in Affordable and Special Needs Housing loans. The funds are designed to help improve access to affordable housing; reduce homelessness; provide permanent supportive housing options for people with intellectual and developmental disabilities; and complete energy efficiency updates in affordable housing units.