Newsroom
10/08/2003
Kennedy, Kerry and Capuano Announce $50,000 for YouthBuild
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Washington, DC - Senators Edward M. Kennedy and John F. Kerry along with Congressman Michael Capuano today announced a $50,000 Technical Assistance (TA) grant to the YouthBuild Loan Fund of Somerville, Massachusetts. The grant will be provided by the Community Development Financial Institutions (CDFI) Fund of the U.S. Department of the Treasury. The YouthBuild Loan Fund is a non-profit organization that provides working capital and affordable housing financing to YouthBuild program participants sponsored by the Department of Housing and Urban Development, as well as other non-profit organizations. This grant will provide YouthBuild with the ability to acquire consulting services in order to develop a capitalization strategy; offset staff salary costs; and for staff training, market analysis, and new product development. "I'm pleased we were able to work together to secure this important funding. The YouthBuild Fund provides much needed support to non-profits throughout the region, and it's excellent to know they'll be able to continue their great work with the aid of this grant," stated Senator Kennedy. "Programs such as YouthBuild that provide working capital and affordable housing financing to non-profit organizations are essential in keeping our non-profits from falling prey to the failing economy we currently face," said Kerry, a longtime supporter of the YouthBuild program. "I am pleased to announce these funds will be provided to YouthBuild to implement the necessary strategies to continue providing loan and financing services to our community non-profits." "This money will help YouthBuild increase its ability to create affordable housing and at the same time help at-risk youth learn a valuable building trade," stated Congressman Mike Capuano, whose district includes Somerville. The TA component provides grants to CDFIs and proposed CDFIs in order to build their capacity to better address the community development and capital needs of their community.
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pressoffice@kerry.senate.gov
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