Bridgeway receives $15M federal bond for development in low-income areas
September 30, 2015 | Joyce Gannon | Pittsburgh Post-Gazette
Bridgeway Capital was awarded a $15 million bond loan from the U.S. Department of Treasury that it will use to jumpstart housing and business development projects in low-income communities in Western Pennsylvania.
The bond was made available by the Treasury Department’s Community Development Financial Institutions Fund and is part of a total $327 million awarded to community loan funds nationwide.
Bridgeway, a designated community development financial institution, will use the bond to make loans to economic development groups, housing developers and local governments, said Mark Peterson, president and chief executive of the nonprofit fund based Downtown.
It will target low-income communities in and around Pittsburgh and the Mon Valley as well as throughout Western Pennsylvania counties stretching north to Erie and south to Fayette and Greene.
The average loan size will range from about $500,000 to $2 million.
“We want to make sure we do a number of projects in a number of different locations,” said Mr. Peterson. “We don’t want to lend all of the $15 million to one project.”
Bridgeway’s share was part of a $127 million bond issued by Opportunity Finance Network to seven community development financial institions that serve urban, rural and Native American communities in the U.S.
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