GULFPORT, Miss. – The United States Department of the Treasury’s Community Development Financial Institution Fund recently certified Gulf Coast Renaissance Corporation as a Community Development Financial Institution (CDFI).
Renaissance was granted the certification after the Community Development Financial Institution Fund found the local nonprofit, which is focused on bridging the affordable housing gap in South Mississippi, in compliance with all eligibility requirements. Requirements include following a primary mission that promotes community development; predominantly serving and maintaining accountability to an eligible target market; serving as a financing entity; and providing development services - while not being either a government entity or controlled by a government entity.
"The Community Development Financial Institution certification signifes that Gulf Coast Renaissance Corp., with its unique, innovative programs, has proven to be a valuable asset for South Mississippi's post-Katrina recovery. It also illustrates a confidence that moving forward, the organization will continue to play a vital, long-term role in creating affordable workforce-housing solutions for the residents of South Mississippi, said Kim LaRosa, president and CEO of Gulf Coast Renaissance Corp.
The CDFI certification, which will also allow Renaissance to qualify for an allocation of tax credits through the New Market Tax Credit Program, will be effective through January 29, 2013.