Groups get $8.25M for affordable housing, lending - New York News

Groups get $8.25M for affordable housing, lending

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DETROIT (AP) -

Three community lending groups are sharing $8.25 million for expanding their work with small business financing and affordable housing in areas where both are hard to come by.

The NEXT Opportunity Awards go to the Opportunity Fund for its work throughout California and NCB Capital Impact for developing Detroit's Woodward Avenue Corridor. Another goes to the Boston-based Housing Partnership Network for expanding its real estate investment trust to acquire and preserve affordable housing.

The NEXT Awards have awarded more than $58 million in about 7 years.

One of the awards program's financial supporters is The Kresge Foundation, based in the Detroit suburb of Troy. Kresge President Rip Rapson says the awardees are strengthening neighborhoods and improving the quality of life in low-income communities.

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