CDFI Fund Impact Blog



Hoffinger Industries Continues to be a Swimming Success Industries Continues to be a Swimming Success<div class="ExternalClass2A6669298A7E4CBA8F92777E5D808F7A"><p>Phillips County, Arkansas is situated in what was once one of the most prosperous parts of the nation—the Arkansas Delta. Agriculture drove the area’s success, but mechanized farming techniques eventually made many jobs obsolete. Over time, communities withered as workers left for urban areas in search of work. Today the Delta is still dominated by agriculture but with much fewer workers needed to grow crops, jobs are a scarce commodity.</p><p> <a href="/Documents/Hoffinger-Southern%20Bancorp%20CDFI%20Impact%20Story%202-16-18.pdf" target="_blank">Click here to read the full story</a>.</p></div>2018-02-20T17:00:00ZLocal Impact46GP0|#c8a5d5bc-32cc-47a9-88a8-702f1f974786;L0|#0c8a5d5bc-32cc-47a9-88a8-702f1f974786|CDFI Certification;GTSet|#52f34ab0-6f81-4fe6-b393-2715c7089532;GP0|#9007f782-92c5-422c-b7ab-e0c8caa2ff92;L0|#09007f782-92c5-422c-b7ab-e0c8caa2ff92|Arkansas
Program Notes: FY 2018 Disability Funds-Financial Assistance Awards Notes: FY 2018 Disability Funds-Financial Assistance Awards<div class="ExternalClass167936404C85406C8E8CAE20E66F6CB5"><p>You may have noticed something new when the CDFI Fund opened the FY 2018 application round for the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program) on January 31, 2018.</p><p>As part of this year’s application process, the CDFI Fund is inviting applicants to compete for approximately $2.5 million in supplemental Disability Funds-Financial Assistance funding (DF-FA). This award is available to CDFIs that wish to expand their financing activities and services for persons with disabilities.</p><p>Many Americans with disabilities live in communities served by CDFIs. As mission-driven organizations, CDFIs are uniquely positioned to develop affordable financial services and products to address the challenges of individuals with disabilities, such as affordable, accessible, and safe housing; employment opportunities; or access to assistive products and services that support health and community living. The DF-FA awards will encourage deeper CDFI involvement in this essential space. </p><p>In order to apply for the FY 2018 supplemental funding, interested CDFIs must apply for FY 2018 Financial Assistance (FA) funding and include their DF-FA award request as part of their FA application. Once the FA application period ends on April 4, 2018, DF-FA applicants will complete a short questionnaire application provided by the CDFI Fund. </p><p>You can learn more about the DF-FA funding opportunity by reviewing the FY 2018 Notices of Funding Availability (NOFAs) for the CDFI Program and the NACA Program, and by checking out the CDFI Fund’s issued guidance on the “How to Apply” section of our website. For the FY 2018 round, Standard Form (SF)-424s must be submitted through by March 2, 2018, and the complete FY 2018 FA application for either the CDFI Program and/or the NACA Program must be submitted through the CDFI Fund’s Awards Management Information System by April 4, 2018. </p><p>The CDFI Fund will also provide training opportunities for financial institutions interested in expanding or beginning new services for persons with disabilities. Stay tuned for more information later in 2018. </p><p> To learn more about the CDFI Program and NACA Program, please visit our website at <a href="" target="_blank"></a> or <a href="" target="_blank"></a>.   </p> </div>2018-02-07T17:00:00ZPrograms and Initiatives45GP0|#0760f5d5-6360-4d45-ba32-761ff5345cd1;L0|#00760f5d5-6360-4d45-ba32-761ff5345cd1|CDFI Program;GTSet|#52f34ab0-6f81-4fe6-b393-2715c7089532;GP0|#c890ec6f-810e-4c92-a8a0-1af04abbffc9;L0|#0c890ec6f-810e-4c92-a8a0-1af04abbffc9|Native Initiatives
Innovative Clean Water Financing in Rural Communities Clean Water Financing in Rural Communities<div class="ExternalClass9B6A55FD41654499AA4ACCBE1382DCC5"><div class="figure"> <img class="ms-rtePosition-1" alt="Craft3 Septic Project" src="/SiteCollectionImages/Project%20Images/Craft3_Septic_VerticalBulldozer_jpg.jpg" style="width:30%;margin-right:1%;margin-bottom:0.5em;float:left;" /> </div><p>The opportunity to witness firsthand innovative CDFI and CDE activity in communities across the country is one of the most rewarding aspects of my job. Recently, I was privileged to join Craft3 CEO Adam Zimmerman and Carl Seip, VP of Communications and External Affairs, on a site visit to a Clean Water Loan construction site outside of Tacoma, Washington.</p><p>Poor water quality can have dire impacts on people within an affected community, particularly in rural areas, which are often not served by public water systems but rely instead on individual wells to provide drinking water and septic systems to remove wastewater. These systems are in varying states of repair and can often fail to provide safe and adequate service. Studies indicate clean water and wastewater needs in rural areas approach $68 billion, and the needs in small communities (with populations of fewer than 10,000) are nearly $34 <a href="#billion">billion</a>—a daunting obstacle for communities to overcome.</p><p>More than ten years ago Craft3 recognized the depth of these challenges and developed the <a href="" target="_blank">Clean Water Loan </a>in <a href="" target="_blank">Pacific County, Washington</a> to help rural homeowners finance the repair or replacement of septic systems. The cost to replace a septic system can be a significant burden on a family’s household budget, and failing systems can pollute the environment, threaten public health, and negatively impact local industries reliant on clean water. Craft3 has since invested more than $21 million into the loan program, and has expanded the program with the support of state and local governments and private funders throughout much of Oregon and Washington. </p><p>Uniquely, they’ve structured the loan in a way that makes it particularly accessible to low- and moderate-income households, and others with credit challenges. Depending on their income, an applicant may be eligible for a reduced interest rate or deferred payments. As a result, four in ten Clean Water Loan borrowers are low-income. The availability of loans like this help keep families in their homes when they don’t have other viable options. The Clean Water Loan construction site we visited underscored this simple fact.</p><p>In one particular case, a homeowner had a series of unexpected home repairs including expensive plumbing, roofing, and the installation of a new furnace. When the family’s septic system failed, they found Craft3. Though the family had good jobs, obtaining financing was a challenge. Craft3 provided an affordable solution for their unique situation. The Clean Water Loan allowed them to get a new system installed before the rainy Northwest winter. </p><p>I have always been proud of the breadth of impact that CDFIs make—on everything from large tax-credit community facilities to small-scale entrepreneurs. It was a special moment to stand next to the homeowner as we watched a bulldozer digging into the side of a hill for her new septic system. Her relief was palpable. It is a reminder that building resilience takes many forms, and CDFIs are at the forefront.</p><p> <i>Annie Donovan is Director of the CDFI Fund</i></p><hr /> <footer> <ol><li id="billion">“Clean Watersheds Needs Survey 2012-Report to Congress,” U.S. Environmental Protection Agency. January 2016. </li><p> </p></ol> </footer></div>Annie Donovan2018-01-23T16:48:00ZLocal Impact44GP0|#6739e502-ad8d-4e57-bade-8d5d363e66c7;L0|#06739e502-ad8d-4e57-bade-8d5d363e66c7|In the Field;GTSet|#52f34ab0-6f81-4fe6-b393-2715c7089532;GP0|#b7b05618-445b-40ae-b997-d6200e9475f1;L0|#0b7b05618-445b-40ae-b997-d6200e9475f1|Washington