FOR IMMEDIATE RELEASE: April 8, 2015
Media Contact: Star Reyes Ph: 602-417-1406
Phoenix, AZ, April 8, 2015 - Raza Development Fund, the largest Latino Community Development Financial Institution in the country and Hacienda Community Development Corporation, proudly announce the grand opening of the Portland Mercado, this Saturday, April 11th, at 7238 SE Foster Road, in Portland, Oregon.
The Portland Mercado, a public market that will serve as a hub for up to 20 businesses, at least 90% of which are expected to be owned and operated by Latino entrepreneurs, will provide goods and services for low-income, immigrant families. With the opening of the Portland Mercado, Hacienda CDC will be able to provide a place to incubate these small and minority owned businesses. In addition to the Portland Mercado, Hacienda is constructing a new administrative headquarters building and refurbishing the Ortiz Community Center, with funding provided by Raza Development Fund, which provided $10 million in Federal New Markets Tax Credit financing and nearly $1 million in bridge financing. Victor Merced, Executive Director of Hacienda CDC, stated that, “RDF provided traditional and tax credit financing along with valuable technical support. Without the help and patience of RDF, these projects would not have been possible.”
Tommy Espinoza, RDF’s President & CEO, said, “RDF was founded 15 years ago to support affiliates of the National Council of La Raza. We have the ability to provide really innovative financial solutions for organizations like Hacienda, that are positively impacting the lives of Latino families and children in poor communities. Hacienda’s work in the areas of entrepreneurship and affordable housing is really impressive. We’re so proud to continue our 10-year partnership.”
Raza Development Fund (RDF) is a 501 (c) 3 non-profit corporation and a registered Community Development Financial Institution (CDFI) under the United States Department of the Treasury. Established in 1999 as a 509 (a) 3 support corporation, RDF provides National Council of La Raza affiliates and other Latino-serving organizations access to capital. RDF is the largest Latino CDFI, with more than $250 million in total assets under management. Since inception, RDF has provided capital to Latino serving organizations nationwide. These organizations have received technical assistance and loans which have helped leverage nearly $2.5 billion in private capital for education, childcare, affordable housing and healthcare projects serving low-income families and individuals.
#######