The Virginia CDFI Coalition Celebrates Major Award from EPA to Appalachian Community Capital and Others
Virginia CDFI Coalition member Appalachian Community Capital received $500 million from the U.S. Environmental Protection Agency (EPA) under the Clean Communities Investment Accelerator (CCIA)
Richmond, VA - April 4, 2024 marked a milestone win for Community Development Financial Institutions (CDFIs) as the U.S. Environmental Protection Agency (EPA) announced the recipients of $6 billion under the Clean Communities Investment Accelerator (CCIA). The CCIA is part of the EPA’s $27 billion Greenhouse Gas Reduction Fund (GGRF), to finance the clean energy transition in low-income and underinvested communities nationwide. Appalachian Community Capital (ACC), a member of the Virginia CDFI Coalition, was chosen as one of the 5 recipients, receiving $500 million to establish Green Bank for Appalachia, Energy Communities, and Underserved Rural America (Green Bank for Rural America).
The Green Bank for Rural America will be a central hub for investment and technical assistance for community lenders, local leaders, and workforce development partners across the United States. You can find more about the impact of the Green Bank for Rural America here.
“The Green Bank for Rural America is a place-based effort that will be a hub for investment and technical assistance to community lenders, local leaders, and workforce development partners across the United States,” said Donna Gambrell, ACC’s President and CEO. “We are grateful to EPA for this recognition. We want to ensure that no communities are left behind and that low-income and disadvantaged communities in Appalachia and other parts of this country benefit from efforts that will result in healthy communities for generations to come.”
“The funding from the EPA shows a significant commitment to combatting climate change and sustaining equitable development and investments in our communities,” shares Leah Fremouw, Board President of the Virginia CDFI Coalition and President and CEO of Bridging Virginia.
According to the EPA, all five Clean Communities Investment Accelerator awardees “will establish hubs that provide funding and technical assistance to community lenders working in low-income and disadvantaged communities, providing an immediate pathway to deploy projects in those communities while also building capacity of hundreds of community lenders to finance projects for years.” Opportunity Finance Network, the nation’s leading investment intermediary and network of community development financial institutions, also received an award of $2.29 billion for building the CDFI ecosystem and moblizing resources. You can read more details about OFN’s award here.
“President Biden and Vice President Harris have put communities at the center of their Investing in America agenda. Today, we’re putting an unprecedented $20 billion to work in communities that for too long have been shut out of resources to lower costs and benefit from clean technology solutions,” said EPA Administrator Michael S. Regan. “The selectees announced today will deliver transformational investments for American communities, businesses, and families and unleash tens of thousands of clean technology projects like putting solar on small businesses, electrifying affordable housing, providing EV loans for young families, and countless others. That translates to good-paying jobs, energy bill savings, and cleaner air, all while delivering on President Biden’s historic agenda to combat climate change.”
More information about the EPA announcement and recipients can be found here.
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About Virginia CDFI Coalition: The Virginia CDFI Coalition seeks to offer a collective voice to address issues concerning the unmet financial needs of Virginia communities by advocating for greater awareness of CDFI activities and operations and by supporting the goals of its member organizations with peer support and education. These goals will be implemented by the Coalition members individually and collectively in statewide and local venues with an emphasis on social and racial equity. We do this through advocacy and education, industry best practices & partnerships, storytelling and market education, and with financial products, services, and communities impacted.
To learn more about The Virginia CDFI Coalition, visit here: https://www.vacdficoalition.org/.
