Congresswoman Summer Lee Announces Over $2.7 Million in CDFI Funding to Support Business Growth, Job Creation, Affordable Housing, and Financial Services in Local Communities

**For Immediate Release**

Kyla Gill, Kyla.Gill@mail.house.gov 

Vaibhav Vijay, Vaibhav.Vijay@mail.house.gov 

Congresswoman Summer Lee Announces Over $2.7 Million in CDFI Funding to Support Business Growth, Job Creation, Affordable Housing, and Financial Services in Local Communities

Pittsburgh, PA – September 26th, 2024 – Today, Congresswoman Summer Lee (PA-12) proudly announced that Bridgeway Capital and Invest PGH, two Community Development Financial Institutions (CDFIs) within her district, have been awarded a total of $2,769,000 in Financial Assistance (FA) from the U.S. Department of the Treasury’s CDFI Fund. This funding will help strengthen Pittsburgh’s local economy and provide crucial resources to underserved communities. Bridgeway Capital will receive $2,250,000, and Invest PGH will receive $519,000 to drive local development and support economic opportunities for low-income individuals.

“This is a victory for our community. By investing in organizations like Bridgeway Capital and Invest PGH, we are directly investing in the people of Western Pennsylvania. These funds will go toward creating local jobs, supporting small businesses, and helping families thrive in neighborhoods that have been overlooked for far too long,” said Congresswoman Lee. “These awards are about making sure that every person, no matter where they live, has the resources and opportunities they need to build a better life. We need to keep investing in people, not corporate profits, and continue to prioritize community-driven solutions that benefit all of us.“

WHAT DOES THE CDFI FUND DO?

The CDFI Program and the NACA Program provide monetary awards to invest in and build the capacity of specialized financial institutions called Community Development Financial Institutions (CDFIs), empowering them to grow, achieve organizational sustainability, and contribute to the revitalization of low-income and distressed communities nationwide. CDFIs use FA awards to meet goals such as: expanding operations into a new investment area or areas; serving a new targeted population or populations; providing new products or services; or increasing volume of products or services. The FA awards have resulted in business creation and growth, new jobs, affordable housing development and increased homeownership, and increased financial services for individuals and communities in need across the country. While both programs provide FA awards under a competitive application process, the NACA Program specifically awards funding to CDFIs that primarily serve Native American, Alaska Native, and Native Hawaiian individuals and communities.

The CDFI awards are designed to provide financial services to low-income, underserved populations and help CDFIs like Bridgeway Capital and Invest PGH empower communities through job creation, affordable housing development, and increased access to financial services.

For more information about the CDFI Program, visit www.cdfifund.gov.

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Since taking office in January 2023, Lee, who serves on the House Oversight Committee and Space, Science and Technology Committee, has delivered historic levels of federal investment totaling over $2 Billion brought back to Western PA, including over $580 million for infrastructure, over $110 million for affordable transit, over $500 million to keep clean energy manufacturing at home in Pennsylvania, and over $55 million on clean energy efforts in and around schools to help keep our kids and communities safe. These investments will help improve Western Pennsylvania’s infrastructure and transit, ensure cleaner air and drinking water, lower housing costs, fund research institutions, fuel clean manufacturing, fund STEM innovation and entrepreneurship, boost workforce development, and create thousands of good paying union jobs.  Lee and her team have also delivered casework and constituent services to over 2,600 constituents with issues ranging from helping our seniors and disabled community access Medicare and social security to helping folks secure housing and helping families with immigration support and passports.