This generous investment makes Western Alliance Bank our largest Arizona-based shareholder. We are pleased to leverage these dollars tenfold to significantly and positively impact communities throughout the Western United States.
Lake Forest, CA (PRWEB)
November 14, 2017
Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today a $2 million Class A equity investment from Western Alliance Bank. With this investment, Western Alliance Bank becomes Clearinghouse CDFI’s largest equity investor based in the state of Arizona.
Clearinghouse CDFI will use this investment to benefit low-income and distressed communities in the Western United States and Sovereign Nations. The $2 million investment will help Clearinghouse CDFI continue financing community facilities, affordable housing, commercial real estate, and other projects that create jobs and services in underserved areas. Specifically, these funds will go to areas serviced by Western Alliance Bank’s divisions.
Similar projects previously financed by Clearinghouse CDFI include:
- MSA Annex, LLC, Tucson, AZ—A $2.7 million loan for the construction of a new community retail and entertainment center to help create jobs and services in a low-income area
- Veteran’s Village, Las Vegas, NV—A $5.6 million loan to help create 204 affordable homes for veterans
- North Fork Community Development Council, North Fork, CA—$4.1 million in loans to create a bioenergy facility powering 800 homes annually with renewable green energy
“This generous investment makes Western Alliance Bank our largest Arizona-based shareholder,” said Douglas J. Bystry, President / Chief Executive Officer of Clearinghouse CDFI. “We…