Community Development Financial Institutions (CDFIs) deliver financial products and services to economically distressed areas. These services include specialized financing for low-income homebuyers, not-for-profit developers, community facilities, and small businesses in low-income areas.
The Wells Fargo NEXT Awards for Opportunity Finance recognize CDFIs that are making a difference in their communities, and work to propel them to a higher level of growth, success, and staying power. Since the program's inception, more than $50 million has been awarded to many of the nation's most promising and innovative CDFIs.
There are two NEXT Award programs:
2014 finalists to be announced in July
The finalists for the 2014 Wells Fargo NEXT Awards for Opportunity Finance: The Future of Housing Finance will be announced in July.
For more information on the Wells Fargo NEXT Awards for Opportunity Finance and to learn about the impact CDFIs are having on their communities, please visit www.nextawards.org.
Wells Fargo supports more than 150 CDFIs of all sizes across the country. We provide tailored investment and debt strategies to support their efforts in both rural and urban communities to finance affordable housing, community facilities, and small and micro businesses. Our products and services include:
- Equity equivalent (EQ2) investments — low-rate, long-term, unsecured, subordinate debt
- New Markets Tax Credit program — equity and debt investments for commercial development in low-income areas, with reduced borrowing costs for non-profits
- Senior debt — shorter-term, floating-rate debt for use as core lending capital by larger CDFIs
- Structured debt — layered, special purpose funds sponsored by CDFIs