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The first functional layer where concessional capital absorbs disproportionate risk to make investments viable. Includes first-loss positions, subordinated tranches, and guarantees that protect commercial investors from downside scenarios, enabling capital flows to underserved sectors.
A blended finance facility provides $20M in first-loss capital that absorbs the first 20% of any losses, enabling $80M of commercial investment that otherwise wouldn't flow to affordable housing projects.
UACC Section 2.1