New, Expanded Location to deliver Loans and Small Business Resources

Finanta office in Renovated Building which Also Features Affordable Homes for 12 Families

Allentown, PA – [April 2, 2025] – Finanta, formerly Community First Fund, a Community Development Financial Institution (CDFI), celebrated the opening of its new office in Allentown, Pennsylvania today. The office is located in a renovated historic mixed-use building on North 7th Street.

The five-story building, known as the Turner Street Apartments, underwent comprehensive rehabilitation of its residential and commercial spaces by the Valley Housing Development Corporation (VHDC) and has long been a fixture in the Allentown landscape. The 12 affordable housing units were fully renovated in the Color Lab Rehab project with new kitchens, bathrooms, flooring, lighting and painting, a new roof and HVAC, and other essential improvements. VHDC’s efforts to breathe new life into the building also included restoring the historic exterior, preserving its Romanesque Revival architecture, while modernizing it to meet the needs of today’s residents.

“Our new office is a significant step in expanding our presence in the Lehigh Valley and enhancing our ability to serve the community,” said Daniel Betancourt, President and CEO of Finanta. “We are proud to contribute to the revitalization effort of the neighborhood, and to continue supporting entrepreneurs and business owners in creating jobs that foster stability and growth in our community.”

The Color Lab Rehab is part of a broader effort to revitalize the 100 block of North 7th Street in Allentown. Led by VHDC, the project builds on the private and public investment shaping the neighborhood.

“We are thrilled to see the successful completion of this renovation,” said VHDC’s president Joseph Schupp. “This is more than just a renovation—it’s an investment in the community that will have a lasting impact. The building now provides safe, affordable apartments and a space for local businesses to grow, helping to strengthen the social and economic fabric of this neighborhood.”

Finanta Team with Mayor Matt Tuerk

Key Features of the Project:

Finanta’s New Office: Non-profit financial institution providing resources and financing to businesses, including business coaching, technical assistance, and loans for small businesses, nonprofits, affordable housing projects and community development and revitalization projects.

Affordable Housing: 12 renovated units with modern amenities and energy-efficient upgrades for extremely low-income families.

Resident Empowerment: A range of services will be available to residents to help them succeed in self-sufficiency.

Community Collaboration: The project fosters community engagement by offering commercial space that will serve as a hub for local businesses and help to generate neighborhood wealth.

Historical Preservation: The building’s exterior was restored to its original grandeur, maintaining its historic character while modernizing the space for 21st-century needs.

About Finanta

Finanta, formerly Community First Fund, is a nonprofit Community Development Financial Institution (CDFI) dedicated to supporting community development in low-income communities. Since 1992, Finanta has provided innovative financing solutions to empower small businesses, nonprofits, and community-driven projects.

For more information visit www.finanta.org. To learn more about our name change, visit our website finanta.org/namechange

For press inquiries, reach out to Vanessa Neri, vneri@finanta.org or Erin Davis edavis@finanta.org

About VHDC: VHDC is a non-profit housing development corporation serving Lehigh and Northampton Counties by creating, managing and preserving affordable housing for low-income households. One of the first developers in Pennsylvania to use the Low-Income Housing Tax Credit (LIHTC), VHDC expanded affordable housing in the region by constructing 45 apartment complexes with 1.400 affordable housing units.

The Color Lab Rehab project demonstrates how VHDC works to preserve affordable housing and improve the quality of life for residents while revitalizing neighborhoods and promoting economic development in underserved communities.

Funding for the Color Lab Rehab of Turner Street Apartments was provided by Federal Home Loan Bank of Pittsburgh, Pennsylvania Housing Finance Agency, City of Allentown, VHDC, and CityLine Construction.