CDFI News

 

 

Demand Increases 30 Percent for FY 2010 Native American CDFI Assistance Program https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=115Demand Increases 30 Percent for FY 2010 Native American CDFI Assistance Program <p class="body"><i>CDFI Fund Receives 61 Funding Applications Requesting $23.7 Million </i></p> <p class="body"> <b>Washington, DC </b>- The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund announced today that it received 61 applications for the fiscal year (FY) 2010 funding round of the Native American CDFI Assistance (NACA) Program. Representing a 27 percent increase over the 48 applications the CDFI Fund received in the original, pre-Recovery Act application solicitation of the FY 2009 round, applicants requested more than $23.7 million in financial and technical assistance for FY 2010 round, up 30 percent over the $18.3 million requested last year.</p><p class="body">“The NACA Program is vital for reaching and helping our nation’s most distressed Native communities, helping them start to move toward economic recovery and economic self-sufficiency,” said CDFI Fund Director Donna Gambrell. “The $23.7 million is the most funding ever requested in the history of the program and clearly demonstrates the critical need for these resources.” </p><p class="body">The CDFI Fund published a Notice of Funds Availability in the Federal Register on August 20, 2009 announcing that it was making approximately $12 million available through the FY 2010 funding round, pending Congressional appropriations. The deadline for applications was October 7, 2009, and awards will be announced in the spring of 2010. </p><p class="body">Applications are currently being evaluated through a merit-based qualitative review to identify those applicants most likely to have the greatest impact in Native American communities. The characteristics of the applicant pool include: </p><p class="body"> <u>Geographic Distribution</u></p><ul><li>Applications were received from 19 states</li></ul><p class="body"> <u>Institution Type</u></p><ul><li>Loan funds - 31 applicants (51 percent)</li><li>Credit Unions - 1 applicant (2 percent)</li><li>Banks, thrifts or holding companies - 3 applicants (3 percent)</li><li>Sponsoring entities - 26 applicants (44 percent)</li></ul><p class="body">For more information on the CDFI Fund and its programs, please visit<a href="http://www.cdfifund.gov/"> www.cdfifund.gov</a></p>2009-12-09T05:00:00ZUpdates115
Demand Up 97 Percent in FY 2010 Round of CDFI Program CDFI Fund Receives 408 Applications Requesting More Than $467 Millionhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=114Demand Up 97 Percent in FY 2010 Round of CDFI Program CDFI Fund Receives 408 Applications Requesting More Than $467 Million<p class="body"><strong>Washington, DC</strong> - The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced today that it received a total of 408 applications for the fiscal year (FY) 2010 round of the CDFI Program, representing a significant increase in demand. Applicants requested more than $467.4 million in assistance, a 97 percent increase from the $237.7 million requested through the original, pre-Recovery Act application solicitation of the FY 2009 round.</p><p class="body">"CDFIs are continuing to deal with the harsh realities of the financial crisis on a day to day basis. The extraordinary demand we’ve seen in the latest application round of the CDFI Program shows the great need in distressed communities for capital to provide affordable financial products and services,” said CDFI Fund Director Donna Gambrell. "Today’s economy is creating a need for CDFIs to expand their impact as low-income people and communities across the nation continue to bear a disproportionate burden and rely on CDFIs to provide critically needed support.”</p><p class="body">The CDFI Fund received 322 applications requesting almost $459 million under the Financial Assistance component and 86 applications requesting over $8.4 million under the Technical Assistance component of the CDFI Program.</p><p class="body">The CDFI Fund published a Notice of Funds Availability in the Federal Register on September 23, 2009 announcing that it was making approximately $113 million available for the FY 2010 round, pending Congressional appropriation. Approximately $20 million of these funds are being targeted to CDFIs that applied under Category I of the application, which is known as Small and Emerging CDFI Assistance – or SECA Applicants. Approximately $90 million are targeted to CDFIs that applied under Category II of the application, known as Core Applicants. The remaining $3 million in funds will be awarded to CDFIs that applied for Technical Assistance only. The deadline for applications was November 18, 2009 and awards will be announced in the summer of 2010.</p><p class="body">Applications are currently being evaluated through a merit-based qualitative review to identify those applicants most likely to have the greatest impact in our nation’s most distressed low-income rural and urban communities. The characteristics of the applicant pool include:</p><p class="body"><b><u>Financial Assistance Component</u></b></p><p class="body"><b><i>Overview</i></b></p><p class="body">322 applicants applied under the Financial Assistance Component – requesting an aggregate total of $458,995,504 with: </p><ul><li>$435,726,392 in Financial Assistance</li><li>$23,269,112 in Technical Assistance</li></ul><p class="body"><b><i>Institution Type</i></b></p><ul><li>245 (76.1 percent) are loan funds</li><li>45 (14.0 percent) are credit unions</li><li>23 (7.1 percent) are banks, thrifts or holding companies</li><li>9 (2.8 percent) are venture capital funds</li></ul><p class="body"><b><i>Primary Geographic Market Served</i></b></p><ul><li>Major Urban: 170 (52.8 percent)</li><li>Rural: 87 (27.0 percent)</li><li>Minor Urban: 65 (20.2 percent)</li></ul><p class="body"><b><i>Geographic Distribution</i></b></p><p class="body">Applications were received from 49 states, the District of Columbia and Puerto Rico.</p> <p class="body"><b><u>Technical Assistance Component</u></b></p><p class="body"><b><i>Overview</i></b></p><p class="body">86 applicants applied for only Technical Assistance requesting an aggregate total of $8,466,949.</p><p class="body"><b><i>Institution Type</i></b></p><ul><li>76 (88.4 percent) are loan funds </li><li>6 (7.0 percent) are credit unions</li><li>2 (2.3 percent) are banks, thrifts or holding companies</li><li>2 (2.3 percent) are venture capital funds</li></ul><p class="body">For more information on the CDFI Fund and its programs, please visit:<a href="http://www.cdfifund.gov/"> www.cdfifund.gov</a></p> 2009-12-03T05:00:00ZUpdates114
Statement by CDFI Fund Director Gambrell on President's Signing of the FY 2010 Appropriations Billhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=50Statement by CDFI Fund Director Gambrell on President's Signing of the FY 2010 Appropriations Bill<p><em>​CDFI Fund Receives $246.75 Million</em></p><p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today released the following statement from Director Donna J. Gambrell on the President’s signing into law H.R. 3288, the omnibus appropriations bill:</p><blockquote><p>"With the President's signature, almost $247 million of resources will be available in fiscal year 2010 through the CDFI Fund’s programs to expand job-creating investments and access to capital and credit in underserved communities nationwide.</p><p>These resources are a sound investment of tax-payer dollars and will support our critical mission of serving economically distressed communities and also expand our community economic development efforts. We are truly appreciative to have the confidence and support of both Congress and the President.”</p></blockquote><p>The fiscal year 2010 appropriation is the largest ever for the CDFI Fund. It was appropriated as follows:<br></p><ul><li>$107.6 million for the CDFI Program;</li><li>$80 million for the new Capital Magnet Fund;</li><li>$25 million for the Bank Enterprise Award Program;</li><li>$12 million for the Native Initiatives;</li><li>$4.15 million for a new Financial Education and Counseling Pilot Program; and</li><li>$18 million for the CDFI Fund’s administrative expenses.<br></li></ul><p>The appropriations bill also includes language waiving the matching funds requirement.</p>2009-11-17T05:00:00ZPress Releases50
Director Gambrell Highlights Recovery Act Awards with Tour of Small Business Success, Visits New Latino Community Centerhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=49Director Gambrell Highlights Recovery Act Awards with Tour of Small Business Success, Visits New Latino Community Center<p><em>​CDFI Fund Awards Expanding Businesses and Transforming Bay</em><br><em>Area Communities</em></p><p><strong>SAN FRANCISCO, CA</strong> - U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) Director Donna J. Gambrell visited San Francisco today to meet with local CDFIs and view the positive impacts being made by the CDFI Fund’s programs. One example of this impact was highlighted by a visit to a successful small business that has benefited from a loan made possible by the Recovery Act. After being adversely affected by the economic downturn, Gentle Parking was able to find financing from the Opportunity Fund, whose Recovery Act award through the CDFI Program totaled $2 million. With plans to open a new location for the eco-friendly parking lot management company, Gentle Parking is committed to helping grow the local economy and increase its number of employees.</p><p>"This is an outstanding example of how Recovery Act awards made by the CDFI Fund are promoting investment in entrepreneurs and small businesses and bringing about fresh economic opportunities to Americans most in need," said Director Donna J. Gambrell. "It also embodies the values of possibility, work ethic, and hope that are at the center of the Obama Administration’s economic recovery initiatives. I commend the Opportunity Fund, and the other San Francisco based CDFIs - the Northern California Community Loan Fund and the Low Income Investment Fund - for swiftly utilizing their Recovery Act award to increase financing activities for small business, nonprofits, and community centers throughout the Bay Area."</p><p>Further highlighting the importance of financing provided by CDFIs, Director Gambrell visited the Latino community in the Mission District to tour the construction site of a new community center dedicated to integrated asset development and family support solutions. Plaza Adelante, which received financing through the CDFI Fund’s New Markets Tax Credit Program, and a $2.8 million loan from the Northern California Community Loan Fund (NCCLF), is the product of a collaborative effort between NCCLF, the Mission Economic Development Agency, the City of San Francisco, and community partners.</p><p>Through a combination of both financing and technical assistance, the NCCLF is able to offer nonprofit clients such as the Mission Economic Development Agency consulting and specialized financial products tailored to meet the needs of the communities they serve. Located in an area with among the highest concentrations of check cashing and pay-day lending establishments in California, Plaza Adelante will house more than ten organizations providing crucial services to low-income Latino families in homeownership, life skills, early childhood and after-school education, financial literacy and business development. Plaza Adelante will offer a convenient and effective “one-stop” center where Latino residents and many others can build their assets and transform their lives.</p><p>For more information about the CDFI Fund, visit <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>.</p>2009-11-09T05:00:00ZPress Releases49
​Statement from CDFI Fund Director Gambrell on White House Announcement Related to Lower Cost Capital for CDFIshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=48​Statement from CDFI Fund Director Gambrell on White House Announcement Related to Lower Cost Capital for CDFIs<p><em>"Small Businesses have always formed the backbone of the American economy. These entrepreneurial pioneers embody the spirit of possibility, the tireless work ethic, and the simple hope for something better that lies at the heart of the American ideal. The problem is, our small businesses have been some of the hardest hit by this recession. There’s no question that the steps we’ve taken have improved the overall climate for small businesses across the country, but there is more we need to do. And that’s why today, we’re announcing new steps to support more lending to America’s small businesses—steps that will lead to more jobs, more growth, and a stronger economic recovery."</em><br>President Barack Obama</p><p><strong>Washington, DC</strong> - Community Development Financial Institutions (CDFI) Fund Director Donna J. Gambrell issued the following statement on the Small Business lending Initiative announced today.</p><p>"The initiatives announced today by President Obama will help depository institutions in our nationwide network of Community Development Financial Institutions to increase small business lending within low-income communities. I am encouraged that the plan includes community development banks, thrifts and credit unions and provides them with preferential terms to increase their lending to the hardest-hit rural and urban communities; and that Treasury will continue to actively explore ways in which CDFI loan funds might receive assistance in increasing liquidity to free up additional small business and economic development lending."</p><p>"These new initiatives, coupled with the President’s fiscal year 2010 budget request, and resources provided through the Recovery Act, set a new trajectory for CDFI lending that will fuel the economic growth of entrepreneurs and small businesses."</p><p>The White House press release and fact sheet on the President's Small Business Lending Initiative can be viewed here:</p><p><strong>Press release:</strong><br><a href="https://www.whitehouse.gov/the-press-office/president-obama-announces-new-small-business-lending-initiatives" target="_blank">www.whitehouse.gov/the_press_office/President-Obama-Announces-New-Small-Business-Lending-Initiatives/</a></p><p><strong>Fact sheet:</strong><br><a target="_blank" href="https://www.whitehouse.gov/assets/documents/small_business_final.pdf">www.whitehouse.gov/assets/documents/small_business_final.pdf</a></p>2009-10-21T04:00:00ZPress Releases48
U.S. Treasury Awards $53 Million to Benefit Organizations Serving Economically Distressed Communities Nationwidehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=47U.S. Treasury Awards $53 Million to Benefit Organizations Serving Economically Distressed Communities Nationwide<p>Milwaukee, Wisconsin - Director Donna J. Gambrell, of the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund, visited Milwaukee, Wisconsin today to announce awards totaling $52,715,000 to 62 organizations serving economically distressed communities across the nation. The awards are being made through the fiscal year 2009 round of the CDFI Program with annual appropriations from Congress. The organizations receiving awards are headquartered in 24 states, the District of Columbia, and Puerto Rico.</p><p>"The financial assistance awards provided through the CDFI Program build the capacity of CDFIs so that they can increase lending activities in underserved, economically distressed communities. As we celebrate this national award announcement, we are also celebrating the work of these community-based lenders that enables the dreams of entrepreneurs to become realities," said CDFI Fund Director Donna J. Gambrell. "For example, two of the Milwaukee-based CDFIs we celebrate today played critical financing roles that enabled the transformation of Palermo’s from a small family business serving a local neighborhood into the successful corporation it is today, employing over 400 people and reaching markets across the country."</p><p>Treasury chose Villa Palermo, the headquarters of Palermo’s Pizza, as the venue of today’s national award announcement to highlight how CDFIs provide vital financing and support to local businesses and communities. With an initial $46,250 loan in 1990 from the CDFI Milwaukee Economic Development Corporation, one of the four Wisconsin-based award recipients, Palermo’s has grown into a thriving business now occupying a new manufacturing facility that employs 420 people, of which 55 percent are minorities and 31 percent are women. The other Wisconsin-based award recipients recognized today included Legacy Bank, which has also assisted Palermo’s, North Milwaukee Bancshares, and Forward Community Investments of Madison.<br></p><p>The CDFI Fund received 452 applications from organizations across the nation requesting more than $529 million in funding under the FY 2009 round of the CDFI Program. Today’s announcement completes the FY 2009 funding round by awarding the remaining appropriated funds to the most highly rated applicants in a combined pool that included: 1) applicants that submitted applications in response to the supplemental Notice of Funds Availability (NOFA) published on April 28, 2009 in the Federal Register; and 2) applicants that applied under the initial FY 2009 NOFA published on August 15, 2008 but did not receive a Recovery Act award in the first funding announcement.</p><p>Background<br></p><p>Through the CDFI Program, the CDFI Fund invests in and builds the capacity of existing private, for-profit and non-profit community-based lending organizations known as Community Development Financial Institutions (CDFIs) that serve rural and urban low-income people and communities across the nation that lack adequate access to affordable financial products and services. </p><p>The CDFI Program consists of two types of monetary awards: Financial Assistance and Technical Assistance. The program is funded through an annual appropriation from the United States Congress. The CDFI Fund receives applications on an annual basis and awards funds through a competitive process. Since inception, the CDFI Fund has awarded over $821 million through the CDFI Program.</p><p>Financial Assistance awards allow the CDFI Fund to achieve economic and community development impact by investing in CDFIs that demonstrate the financial and managerial capacity to provide affordable financial products and services to low-income communities and populations. Financial Assistance awards are made only to certified CDFIs (meaning, they have been certified by the CDFI Fund prior to applying for funds), which includes both mature CDFIs and small and emerging CDFIs.<br></p><p>For more information about these awards, or about the CDFI Fund and its programs, please visit the Fund's website at: <a href="http://www.cdfifund.gov/">http://www.cdfifund.gov</a>.<br></p><p><strong>2009 CDFI Program Awards</strong></p><ul><li><a href="/Documents/2009-CDFI-Program-Supplemental-Award-Funding-List.pdf">2009 CDFI Program Award List</a></li><li><a href="/Documents/2009%20Supplemental%20FA%20Award%20Highlights.pdf">2009 CDFI Program Highlights</a></li><li><a href="/Documents/2009-CDFI-Program-Supplemental-Award-Funding-Profile.pdf">2009 CDFI Program Awardee Profiles</a></li><li><a href="/Documents/2009-CDFI-Program-Supplemental-Award-Funding-Booklet.pdf">2009 CDFI Program Award Booklet</a></li></ul>2009-10-02T04:00:00ZPress Releases47
Treasury Awards $4.4 Million for Native Communities in 2009 Round of the Native American CDFI Assistance Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=46Treasury Awards $4.4 Million for Native Communities in 2009 Round of the Native American CDFI Assistance Program<p>​<em>CDFI Fund Director Gambrell Highlights Long-Term Commitment to Native Communities</em></p><p> <strong>Washington, DC </strong>- The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund today announced $4.4 million in financial assistance awards to 10 CDFIs through the Native American CDFI Assistance (NACA) Program. The awards, which are being made with fiscal year (FY) 2009 appropriated dollars, are designed to encourage the creation and strengthening of certified CDFIs that primarily serve Native American, Alaskan Native, and Native Hawaiian communities. The awardees are located in eight states - Alaska, Arizona, Hawaii, New Mexico, North Carolina, Oklahoma, South Dakota, and Wisconsin.</p><p> "The growth in Native CDFIs is a remarkable accomplishment and their increasing reach and impact within the Native Communities they serve have been tremendous," said CDFI Fund Director Donna J. Gambrell. "We are committed to working with Native CDFIs to increase economic opportunities and bring all Native Communities into the nation’s economic mainstream. I am confident that the CDFI Fund’s new five-year Native Initiatives Strategic Plan, which lays out our long-term, comprehensive strategy to overcoming the barriers to capital in Native Communities, will greatly advance these commitments."</p><p>Further signaling the growing importance of the CDFI Fund’s Native Initiatives among policy makers, the Obama Administration’s FY 2010 budget formally requested funding for the Native Initiatives, marking the first time funding for this effort has been specifically included in a budget request to Congress.</p><p>This past July, the CDFI Fund announced $8 million in Recovery Act awards, and $3.3 million in Technical Assistance-only grants utilizing FY 2009 annual appropriations for the NACA Program. Today’s announcement completes this year’s round by awarding the remaining appropriated funds to the most highly rated applicants in a combined pool that included: 1) applicants that submitted applications in response to the supplemental Notice of Funds Availability (NOFA) published on April 28, 2009 in the Federal Register; and 2) applicants that applied under the initial FY 2009 NOFA published on October 1, 2008 but did not receive a Recovery Act award in the first funding announcement.</p><p><strong>About the Native Initiatives</strong></p><p>The CDFI Fund's Native Initiatives work to increase access to credit, capital, and financial services in communities by creating and expanding CDFIs primarily serving Native communities. This is achieved through two principle initiatives: 1) a funding program – the NACA Program – targeted to increasing the number and capacity of existing or new Native CDFIs, and 2) a complementary series of training programs, called "Expanding Native Opportunities," that seeks to foster the development of new Native CDFIs, strengthen the operational capacity of existing Native CDFIs, and guide Native CDFIs in the creation of important financial education and asset building programs for their communities.</p><p>Organizations funded under the NACA Program serve a wide range of Native Communities, and reflect a diversity of institutions in various stages of development - from organizations in the early planning stages of creating a CDFI, to tribal entities working to certify an existing lending program, to established CDFIs in need of further lending capacity.</p><p>For more information about these awards, or about the CDFI Fund and its programs, please visit the Fund's website at: <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>.</p><p>To view the new Native Initiatives strategic Plan entitled, "Building Native Leaders for Tomorrow" please<a target="_blank" href="/Documents/Native%20American%20Strategic%20Plan.pdf"> click here</a>.<br><br><strong>2009 NACA Program Awards</strong></p><ul><li> <a target="_blank" href="/Documents/2009%20NACA%20Program%20Award%20List.pdf">2009 NACA Program Award List</a></li><li> <a target="_blank" href="/Documents/2009%20NACA%20Program%20Award%20Highlights.pdf">2009 NACA Program Highlights</a></li><li> <a target="_blank" href="/Documents/2009%20NACA%20Program%20Awardee%20Profiles.pdf">2009 NACA Program Awardee Profiles</a></li><li> <a target="_blank" href="/Documents/2009%20NACA%20Program%20Award%20Booklet.pdf">2009 NACA Program Award Booklet</a></li></ul>2009-09-28T04:00:00ZPress Releases46
Treasury Celebrates 15th Anniversary of CDFI Fund with Day of Servicehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=14Treasury Celebrates 15th Anniversary of CDFI Fund with Day of Service <p> <strong>Washington, DC</strong> – In honor of its fifteen years of service in providing underserved communities with access to capital and tools for stimulating local economic development, the Community Development Financial Institutions Fund (CDFI) is today hosting a day of service and providing volunteers to four area non-profits that have benefitted from CDFI awards.<br><br>"Today we renew our commitment to providing our most vulnerable communities with the tools necessary for economic development," said Michael Barr, Treasury's Assistant Secretary for Financial Institutions. "For 15 years, the CDFI Fund has worked to revitalize communities around the country. The CDFI Fund's continued efforts provide the opportunity for all of our nation's communities to grow and prosper."<br><br>Fifteen years ago today, Congress created the CDFI Fund to promote economic revitalization and community development in the nation’s underserved communities. The CDFI Fund continues to expand the ability of financial intermediaries to provide capital, credit and financial services to underserved, low-income populations and communities.<br><br>Since its creation, the CDFI Fund has helped communities to build a nationwide network of more than 800 CDFIs and awarded over $1.1 billion to CDFIs, community development organizations and financial institutions through its CDFI Program, Native Initiatives, and Bank Enterprise Award Program. It also has allocated $21 billion in New Markets Tax Credits to Community Development Entities to finance economic development and small business growth across the country.<br><br>"I am pleased to announce that the CDFI Fund is launching a year-long series of 15th anniversary related events and initiatives," said CDFI Fund Director Donna Gambrell. "We are committed to making a reality of our vision of an America in which all people have access to affordable credit, capital and financial services."<br><br>For more information on about the CDFI Fund, or to follow future 15th anniversary announcements and happenings, please visit <a href="http://www.cdfifund.gov/15thAnniversary" target="_blank">http://www.cdfifund.gov/15thAnniversary</a>.<br><br><strong>Background on volunteer sites.</strong><br><br><strong>SOME</strong> – SOME (So Others Might Eat) is an interfaith, community-based organization that exists to help the poor and homeless of Washington, D.C. It not only meets the immediate daily needs of the people it serves with food, clothing, and health care; but helps break the cycle of homelessness by offering services, such as affordable housing, job training, addiction treatment, and counseling, to the poor, the elderly and individuals with mental illness. (<a href="http://www.some.org/">www.some.org</a>)<br><br>SOME received over $4.2 in financing from the OpenDoor Housing Fund, a certified CDFI and CDFI Fund award recipient (CDFI Program).<br><br><strong>Emergence Community Arts Collective</strong> is a non-profit organization whose mission is to foster a spirit of community in the Pleasant Plains neighborhood (Howard University) of Washington, DC through social activities, traditional arts classes, support groups and educational seminars. (<a href="http://www.ecacollective.org/" target="_blank">www.ecacollective.org</a>)<br><br>ECACollective received a $820,000 commercial real estate loan and a $50,000 line of credit from City First Bank of DC, a certified CDFI and CDE, and CDFI Fund award recipient (NMTC Program and BEA Program).<br><br><strong>CentroNia</strong> – CentroNia is a nationally recognized, award-winning educational organization providing affordable, high quality education, professional development and family-support services in a bilingual, multicultural environment to more than 1,700 children, youth and families in the greater Washington, D.C. metropolitan area. (<a href="http://www.centronia.org/" target="_blank">www.centronia.org</a>)<br><br>CentroNia's has received over $400, 000 in financing from Partners for the Common Good, a Washington, D.C.-based certified CDFI and CDFI Fund award recipient (CDFI Program).<br><br><strong>THEARC</strong> - The Town Hall Education, Arts & Recreation Campus – or THEARC – is a 110,000 square-foot world-class education arts & recreation campus located east of the Anacostia River in Washington, D.C. Ten cultural and social service agencies, in addition to a 365-seat theater, are based at THEARC, all of which share the goal of helping underserved children and adults reach their full potential. (www.thearcdc.org)<br><br>THEARC received $9.4 million in financing from City First Bank of DC, a certified CDFI and CDE, and CDFI Fund award recipient (NMTC Program and BEA Program).</p>2009-09-23T04:00:00ZPress Releases<img alt="" src="/SiteCollectionImages/NewsImages/grouptreasbldg.jpg" style="BORDER:0px solid;" />14
Director Gambrell, Mayor Villaraigosa Cut Ribbon Marking Grand Opening of the Animo Watts Charter Schoolhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=45Director Gambrell, Mayor Villaraigosa Cut Ribbon Marking Grand Opening of the Animo Watts Charter School<p><em>​$9.1 million in New Markets Tax Credits Benefit Over 400 South Central LA Students</em></p><p><strong>Los Angeles, CA</strong> - Cutting the ribbon today alongside Los Angeles Mayor Antonio Villaraigosa, U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) Director Donna J. Gambrell attended the grand opening of the Ánimo Watts Charter High School. Located near one of the poorest performing high schools in South Central Los Angeles, the Ánimo Watts Charter School will be an independent college-preparatory charter school providing students with educational opportunities for success. ExED, the parent company of LA Charter School New Markets Fund provided $9.1 million in financing for the project, made possible through the CDFI Fund’s New Markets Tax Credit Program.</p><p> <br>"I am delighted to see firsthand the positive impact of the Ánimo Watts Charter High School as it represents the extraordinary transformational potential of the New Markets Tax Credit Program for communities," said Director Gambrell. "This inspirational project also represents the joint efforts of many able partners committed to education and opportunity, such as ExED, Pacific Charter School Development, LA Charter School New Markets Fund, NBC Capital Impact, and the Low Income Investment Fund."</p><p>"Because of the New Markets Tax Credit Program, innovative campuses like Ánimo Watts Charter High School have secured the funding they need to properly educate our kids," said Mayor Villaraigosa. "I cannot imagine a better use of these credits. I sincerely hope that the CDFI Fund continues to support these types of projects when they announce their allocations in the fall."</p><p> <br>Situated adjacent to the 70-acre Earvin "Magic" Johnson Recreation Area, Ánimo Watts Charter High School has 26 classrooms, and will serve over 400 students in grades 9 through 12 this school year. Full capacity will be reached in the 2010 school year, with 560 students in attendance. The $9.1 million in New Markets Tax Credit capital used for the Ánimo Watts Charter High School helped overcome a traditional challenge charter school operators face in securing financing.</p><p> <br>Permitting taxpayers to receive a credit against Federal income taxes for making qualified equity investments in Community Development Entities, the New Markets Tax Credit Program promotes social investment in underserved communities. The CDFI Fund has made 396 awards totaling $21 billion in New Markets Tax Credits since the program’s beginning in 2002. Additionally, $3 billion of New Markets Tax Credit allocation authority was provided to the CDFI Fund through the Recovery Act this year.</p><p>For more information about the CDFI Fund, visit <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>.</p>2009-09-03T04:00:00ZPress Releases45
Director Gambrell Attends Opening of Recovery Act Financed Charter Schoolhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=44Director Gambrell Attends Opening of Recovery Act Financed Charter School<p><em>​CDFI Program Award Allows 100 Additional Students to Attend College-Ready Academy High School #7</em></p><p><strong>Los Angeles, CA</strong> - U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) Director Donna J. Gambrell attended today the grand opening of the new campus of College-Ready Academy High School #7. Surrounded by some of the lowest performing schools in the Crenshaw district of Los Angeles, the new high school will give the neighborhood’s students an opportunity for academic achievement and help prepare them for a lifetime of success. Arriving just in time for the beginning of the school year, the financing made possible by the American Recovery and Reinvestment Act of 2009 (Recovery Act) allowed the new high school to add an additional grade level and 100 additional students at its new four-acre site.</p><p>“By promoting investment in underserved communities the Recovery Act awards made by the CDFI Fund are stimulating economic growth and bringing about new opportunities to Americans most in need,” said Director Donna J. Gambrell. “I commend the Low Income Investment Fund for swiftly utilizing their Recovery Act award to finance the College-Ready Academy High School and bring needed jobs and educational resources to this community.”</p><p>One of the primary challenges facing charter school operators is the difficulty of securing financing and finding appropriate facilities. At the end of June 2009, San Francisco-based CDFI, the Low Income Investment Fund (LIIF), received a $2 million financial assistance award from the CDFI Fund made available by the Recovery Act. LIIF used the additional capital to make a $7 million loan to Pacific Charter School Development (PCSD) to support the expansion of the new high school where an additional 100 students can now receive a high quality education.</p><p> "A good education equals earning power. It is central to ensuring a good future for kids and is a key to unlocking poverty," said Nancy O. Andrews, President and CEO of LIIF. "This project would not have been possible without the Recovery Act award LIIF received from the CDFI Fund. We appreciate that Director Gambrell has made it a priority to see the direct impact of the support that the CDFI Fund provides."</p><p>For more information about the CDFI Fund, visit<a> www.cdfifund.gov</a>.</p>2009-09-02T04:00:00ZPress Releases44

 Stay In Touch

Sign up to receive news and important information.

Sign Up