Childrens Investment Fund Gets $275K for Facility Improvements
The grant, from the Department of the Treasurys Community Development Financial Institutions Fund (CDFI) , was one of 321 awarded to similar organizations across the country.
We are thrilled for the continued support from the CDFI Fund, said Theresa Jordan, director of childrens facilities finance for the Childrens Investment Fund (CIF). This award demonstrates the growing recognition that early education is a critical component to community development. Furthermore, it emphasizes that the physical environment in which children learn is an essential element of high-quality education and care.
"These resources will help the Childrens Investment Fund continue to support child care providers across the Commonwealth.
Last year, the CDFI Fund certified CIF as a Community Development Financial Institution, which enabled the organization to apply for federal funding to offer low-cost capital to early childhood education and out-of-school time facilities throughout Massachusetts.
CIF, an affiliate of the Community Economic Development Assistance Corporation (CEDAC), received its first CDFI award in 2018, which allowed the organization to continue financing capital improvements for early education facilities. The newly-awarded $275,000 will support core training and technical assistance in fiscal years 2021-2023.
Childrens Investment Fund is dedicated to supporting our nonprofit partners across the state, many of whom have limited financing options, as they improve or expand their facilities, said CEDACs Executive Director Roger Herzog. The CDFI Fund award opens up additional capital that will benefit providers across the Commonwealth looking to finance capital improvements.
High-quality child care should be a right for all of our children because they are our future, so I am glad to see the Childrens Investment Fund receive this funding to support high-quality early learning programs for children across the Commonwealth, said Sen. Elizabeth Warren (D-Mass.). We need a government that invests in our children, and thats why I introduced the Universal Child Care and Early Learning Act, which would guarantee high-quality and affordable child care for every child in this country.
CIF provides financing and technical assistance to community-based nonprofit centers that serve low-income communities and seek to create high-quality facilities. In 2018, more than 3,000 children throughout Massachusetts were served in facilities assisted by CIF. Almost all of these children (86%) were from low-income households; 82% were children of color; 42% were English Language Learners; and 12% were children with special needs.
Since its establishment in 1990, CIF has invested $60 million in 568 capital projects that have leveraged $113 million in additional public and private funding, which improved or created 30,600 child care slots, serving thousands of additional children over time.