The Federation of Appalachian Housing Enterprises, which aims to make affordable housing available in Appalachia, has received a 2009 Wachovia NEXT Award for Opportunity Finance.

The groups that fund the award, the Wachovia Foundation and MacArthur Foundation, have given FAHE a $2.5 million low-cost loan and $250,000 unrestricted grant, according to a news release.

The groups said in the release that they chose FAHE for its "innovation and bold strategy in eliminating substandard housing conditions prevalent in the Central Appalachian region."

It noted that last year FAHE provided $41 million in direct financing and its members produced 3,800 housing units.

The award was one of two handed out.