CSRWire reports non-profit National Equity Fund (NEF) and financial giant Morgan Stanley are committing $25 million more in capital to support development of affordable housing and a jump start to local economies in devastated areas following catastrophic tornadoes and flooding. The current Rebuilding Local Economies Fund has reached $125 million. Covering Federal Emergency Management Agency (FEMA)-declared disaster areas, the funding focuses on Low Income Housing Tax Credit projects that assists residents who earn 60 percent of less of the area’s median income. MHProNews has learned the $125 million will support the development of 1,000 affordable housing units and thousands of jobs in the targeted areas. NEF is the nation’s largest syndicator of low income housing tax credits. Morgan Stanley provides an array of financial services in 43 countries.
(Photo credit: FEMA)