In honor of five decades of urban development and revitalization, earlier this month the U.S Department of Housing and Urban Development (HUD) recognized the City of Seattle with a Community Development Block Grant (CDBG) 50th Anniversary Award for its support of the Rainier Valley Community Development Fund (RVCDF) and its transformative contribution to equitable development in low- and moderate-income neighborhoods.
“We are deeply honored to receive this recognition as part of HUD’s CDBG 50th Anniversary Award. The city’s $24.7 million investment in the Rainier Valley Community Development Fund reflects a shared commitment to equitable growth and economic empowerment in Southeast Seattle. Over the years, we have proudly distributed over $100 million in loans, helping uplift local entrepreneurs, provide technical assistance, and preserve cultural diversity in one of the nation’s most vibrant and diverse communities. As we continue our work, we look forward to supporting our neighborhood and others by specifically addressing the need for capital to fund businesses of color and low to moderate-income borrowers in communities directly impacted by economic development and light rail expansion. This recognition affirms our mission to preserve and strengthen cultural diversity, long-term livability, and economic opportunity for businesses of color throughout Southeast Seattle and beyond. We value the 20-year partnership the Fund has benefited from through the commitment of Mayor Bruce Harrell and all the hard-working staff at the City of Seattle.” We look forward to continuing to grow the fund so that more small businesses throughout Seattle benefit from the vital work we do at the Rainier Valley Community Development Fund.”
Alvertis Brooks Jr., Executive Director, Rainer Valley Community Development Fund
For more information, read the full article here: https://humaninterests.seattle.gov/2024/10/25/city-of-seattle-receives-huds-cdbg-50th-award-recognizing-the-rainier-valley-community-development-fund/