CDFI News

 

 

New SBA Community Advantage Initiative Opens 7(a) Loan Program To CDFIshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=66New SBA Community Advantage Initiative Opens 7(a) Loan Program To CDFIs<p> <strong>Washington, DC</strong> - In an effort to expand access to capital for small businesses and entrepreneurs in underserved communities across the nation, the U.S. Small Business Administration (SBA) has announced the creation of a new loan initiative named Community Advantage. This new program will increase the number of lower-dollar loans into these underserved communities by allowing Community Development Financial Institutions (CDFIs), and other mission-focused lenders, to originate SBA 7(a) loans up to $250,000.</p><p>"This is another important development that will enable CDFIs working on the front lines of our nation’s underserved communities to access additional capital and enable them to support more small businesses in the communities they serve. I commend Administrator Mills, Deputy Administrator Johns and the SBA staff for collaborating with the CDFI Fund and launching this important initiative," said CDFI Fund Director Donna J. Gambrell. "Creating partnerships between government agencies and programs has been a priority and I look forward to continuing our efforts that will support the increased impact of CDFIs across the nation."</p> <br> <strong>Links:</strong><br><br> <a href="/Documents/SBAAdvantageLoanProgramLaunch.pdf" target="_blank">SBA Press Release</a><br> <a href="/Documents/CommunityAdvantageandSmallLoanAdvantageFactSheet.pdf" target="_blank">SBA Fact Sheet</a> 2010-12-15T05:00:00ZPress Releases66
CDFI Fund Announces Provider to Expand the Capacity of CDFIs to Support Financing for Healthy Food Retailhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=65CDFI Fund Announces Provider to Expand the Capacity of CDFIs to Support Financing for Healthy Food Retail<p><em>​New Technical Assistance Training Will Support CDFIs Seeking to Eradicate Food Deserts</em></p><p>The Community Development Financial Institutions Fund (CDFI Fund) announced today that a technical assistance provider has been selected under its Capacity-Building Initiative to provide specialized training and technical assistance to Community Development Financial Institutions (CDFIs) seeking to finance grocery stores and other businesses that deliver healthy food options to food deserts.</p><p>Food deserts are urban neighborhoods and rural towns with limited access to affordable and nutritious food. USDA estimates that more than 23 million people in America live in low-income areas that are more than a mile from a supermarket . Well-targeted financing, technical assistance, and community partnerships can help to improve access to healthy foods, develop and equip grocery stores, create new markets for small businesses and farmers, strengthen the producer-to-consumer relationship, and support broader economic development efforts to revitalize distressed rural and urban communities.</p><p>The Healthy Food Financing Initiative (HFFI), a collaboration between the Departments of Treasury, Agriculture, and Health and Human Services, will deliver a range of interventions that seek to eradicate food deserts. The CDFI Fund's Healthy Food Financing task order will provide critical training to CDFIs to utilize federal grants, below-market rate loans, loan guarantees and tax credits that can attract private sector capital for an even greater investment in projects that increase access to fresh produce and other healthy foods.</p><p>"CDFIs are strategically poised to have a powerful role in the Healthy Food Financing Imitative and improve access to healthy food in distressed communities across the country" said CDFI Fund Director Donna J. Gambrell. "The training enabled by the CDFI Fund's Capacity-Building Initiative will help to lay a strong foundation so that all CDFIs are prepared for the unique opportunities presented by funding that the Administration has requested in FY 2011 under the Healthy Food Financing Initiative."<br></p><p>The Opportunity Finance Network (OFN), a certified CDFI with 25 years of experience in community development, has been selected as the provider to deliver the Healthy Food Financing task order for the CDFI Fund. The CDFI Fund will be working closely with OFN and its partners to deliver specialized technical assistance and training services. The training provided by OFN and its subcontractors will build the capacity of CDFIs to finance a broad continuum of access to healthy food options. All training opportunities will be posted on the CDFI Fund's website in the coming months.</p><p>Task orders previously announced under the Capacity-Building Initiative focused upon training for affordable housing and business lending, portfolio management, risk assessment, foreclosure prevention, training in CDFI business processes and assistance with liquidity and capitalization challenges.</p><p><strong>About the Opportunity Finance Network</strong></p><p>The Opportunity Finance Network is a leading network of private financial intermediaries identifying and investing in opportunities to benefit low-income and low-wealth people in the U.S. OFN's mission is to lead the community development finance system to scale through capital formation, policy and capacity development. OFN has managed numerous national capacity building initiatives and worked successfully with CDFIs on a daily basis. OFN's team is recognized across the CDFI industry as experts in CDFI capacity building, risk management, institutional growth and development, and strategy.</p><p><strong>About the CDFI Fund</strong></p><p>The CDFI Fund invests in and builds the capacity of community-based, private, for-profit and non-profit financial institutions with a primary mission of community development in economically distressed communities. These institutions – certified by the CDFI Fund as Community Development Financial Institutions or CDFIs – are able to respond to gaps in local markets that traditional financial institutions are not adequately serving. CDFIs provide critically needed capital, credit and other financial products in addition to technical assistance to community residents and businesses, service providers, and developers working to meet community needs. The CDFI Fund's vision is an America in which all people have adequate access to affordable capital, credit and financial services.</p>2010-11-02T04:00:00ZPress Releases65
CDFI Fund Announces Provider to Expand the Capacity of CDFIs to Support Financing for Healthy Food Retailhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=79CDFI Fund Announces Provider to Expand the Capacity of CDFIs to Support Financing for Healthy Food Retail<p>​<em>New Technical Assistance Training Will Support CDFIs Seeking to Eradicate Food Deserts</em></p><p>The Community Development Financial Institutions Fund (CDFI Fund) announced today that a technical assistance provider has been selected under its Capacity-Building Initiative to provide specialized training and technical assistance to Community Development Financial Institutions (CDFIs) seeking to finance grocery stores and other businesses that deliver healthy food options to food deserts.</p> <p>Food deserts are urban neighborhoods and rural towns with limited access to affordable and nutritious food. USDA estimates that more than 23 million people in America live in low-income areas that are more than a mile from a supermarket . Well-targeted financing, technical assistance, and community partnerships can help to improve access to healthy foods, develop and equip grocery stores, create new markets for small businesses and farmers, strengthen the producer-to-consumer relationship, and support broader economic development efforts to revitalize distressed rural and urban communities.</p><p> The Healthy Food Financing Initiative (HFFI), a collaboration between the Departments of Treasury, Agriculture, and Health and Human Services, will deliver a range of interventions that seek to eradicate food deserts. The CDFI Fund's Healthy Food Financing task order will provide critical training to CDFIs to utilize federal grants, below-market rate loans, loan guarantees and tax credits that can attract private sector capital for an even greater investment in projects that increase access to fresh produce and other healthy foods.</p><p>"CDFIs are strategically poised to have a powerful role in the Healthy Food Financing Imitative and improve access to healthy food in distressed communities across the country" said CDFI Fund Director Donna J. Gambrell. “The training enabled by the CDFI Fund's Capacity-Building Initiative will help to lay a strong foundation so that all CDFIs are prepared for the unique opportunities presented by funding that the Administration has requested in FY 2011 under the Healthy Food Financing Initiative."</p><p>The Opportunity Finance Network (OFN), a certified CDFI with 25 years of experience in community development, has been selected as the provider to deliver the Healthy Food Financing task order for the CDFI Fund. The CDFI Fund will be working closely with OFN and its partners to deliver specialized technical assistance and training services. The training provided by OFN and its subcontractors will build the capacity of CDFIs to finance a broad continuum of access to healthy food options. All training opportunities will be posted on the CDFI Fund's website in the coming months.</p><p>Task orders previously announced under the Capacity-Building Initiative focused upon training for affordable housing and business lending, portfolio management, risk assessment, foreclosure prevention, training in CDFI business processes and assistance with liquidity and capitalization challenges.</p><p><strong>About the Opportunity Finance Network</strong></p><p>The Opportunity Finance Network is a leading network of private financial intermediaries identifying and investing in opportunities to benefit low-income and low-wealth people in the U.S. OFN's mission is to lead the community development finance system to scale through capital formation, policy and capacity development. OFN has managed numerous national capacity building initiatives and worked successfully with CDFIs on a daily basis. OFN's team is recognized across the CDFI industry as experts in CDFI capacity building, risk management, institutional growth and development, and strategy.</p><p><strong>About the CDFI Fund</strong></p><p>The CDFI Fund invests in and builds the capacity of community-based, private, for-profit and non-profit financial institutions with a primary mission of community development in economically distressed communities. These institutions – certified by the CDFI Fund as Community Development Financial Institutions or CDFIs – are able to respond to gaps in local markets that traditional financial institutions are not adequately serving. CDFIs provide critically needed capital, credit and other financial products in addition to technical assistance to community residents and businesses, service providers, and developers working to meet community needs. The CDFI Fund's vision is an America in which all people have adequate access to affordable capital, credit and financial services.<br></p>2010-11-02T04:00:00ZPress Releases79
CDFI Fund Awards $4.15 Million to Organizations Through the FY 2010 Financial Education Counseling Pilot Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=64CDFI Fund Awards $4.15 Million to Organizations Through the FY 2010 Financial Education Counseling Pilot Program<p> <em>Four Organizations to Receive Grants for Financial Education and Counseling Programs</em></p><p><strong>Washington, DC</strong>–The Community Development Financial Institutions Fund (CDFI Fund) announced today the four award recipients of the fiscal year 2010 (FY 2010) round of the Financial Education and Counseling Pilot Program (FEC Pilot Program).<br></p><p>The awardees, serving low- and moderate-income communities in Florida, Hawaii, New Mexico and Pennsylvania, all share the common goal of increasing the financial knowledge and decision-making capabilities of prospective homebuyers in order to improve their financial stability and to effectively prepare for and sustain homeownership. The FEC Pilot Program awards grants to eligible organizations that provide innovative financial education and counseling services to prospective first-time homebuyers.<br></p><p>"I am very proud to announce the recipients of the second award round of the FEC Pilot Program," said CDFI Fund Director Donna J. Gambrell. "Time and time again we have seen how vital financial education and counseling is to all facets of community development, and it is especially important when assisting people with the important step of buying a home for the first time. The organizations receiving these awards will now be better able to provide these services in communities across the country."<br></p><p>The Department of the Treasury's Office of Financial Education and Financial Access collaborated with the CDFI Fund to implement the program and to select the awardees. "Financial literacy and counseling activities will empower prospective homebuyers to be better prepared for homeownership and make sound financial decisions," said Assistant Secretary for Financial Institutions Michael S. Barr. "The FEC Pilot Program addresses one of the core causes of the foreclosure crisis. Too many homebuyers were steered into mortgage products that they could not afford or understand. The pilot is intended to ensure that working families have the financial knowledge to effectively prepare for and evaluate housing choices."</p><p>The FEC Pilot Program was appropriated $4.15 million by Congress for FY 2010, $3.15 million of which was designated for an eligible organization in the state of Hawaii.</p><p>The ultimate purposes of the FEC Pilot Program are to identify effective training methods for promoting financial empowerment and producing positive behavioral changes and to develop successful program models for delivering financial education and counseling services to prospective homebuyers.<br></p><p>The FEC Pilot Program was appropriated $4.15 million by Congress for FY 2010, $3.15 million of which was designated for an eligible organization in the state of Hawaii.</p><p><strong>Profiles of Awardees</strong></p><p><strong>Council for Native Hawaiian Advancement </strong><br> Honolulu, HI<br>Award: $3.15 Million<br>Contact: Lilia Kapuniai, (808) 596-8155 </p><p>Based in Honolulu, the Council for Native Hawaiian Advancement (CNHA) was founded in 2001 to enhance the well-being of Hawaii through the cultural, economic and community development of Native Hawaiians and low-income populations throughout the state. A CDFI Fund-certified CDFI and a HUD-certified Housing Counseling Agency, CNHA will use its FY 2010 FEC Pilot Program award to fund the newly developed Hawaii Family Finance Project (HFFP). Designed to serve low income families wherever they live in Hawaii, HFFP unites capable partner organizations with the common goal of reaching low- to moderate-income prospective homebuyers. Through financial education counseling and group training and individual development accounts, HFFP will educate prospective homebuyers and assist with developing financial stability and saving for both short and long term goals. The project is estimated to serve over 3,000 individuals over the course of its 3-year program term. </p> <br><strong>Greater Erie Community Action Committee </strong><br>Erie, PA<br>Award: $400,000<br>Contact: Stephanie Long, (814) 459-4581 x 595 <br><br> <p>The Greater Erie Community Action Committee (GECAC) was established to reduce poverty in Erie County, Pennsylvania. GECAC will use their FY 2010 FEC Pilot Program award to create a financial education and counseling program to provide potential homebuyers the financial tools that they need to successfully transition from renting to homeownership. The program combines traditional financial education elements, such as group education, intensive one-on-one counseling, and match savings accounts, with a hard-and-fast time table for completion—an innovative approach that can be easily replicated by other providers. </p> <br><strong>Homewise, Inc. </strong><br>Sante Fe, NM<br>Award: $400,000<br>Contact: Elizabeth C. Derringer, (505) 955-7020 <br><br> <p>The mission of Homewise is to help working New Mexicans become successful homeowners in order to achieve financial security, strengthen families and increase the economic and social vitality of our communities. Homewise is a full-service agency promoting homeownership through financial education and consultation, home selection and financing services, and post-purchase support. The Homewise business model is to make financial education and counseling serve as the entry point to the entire home purchase process. These services include: one-on-one financial counseling, homebuyer education classes, classes designed to combat financial problems, and classes designed to encourage good savings habits. Through this model, Homewise has helped 2,100 low- and moderate-income New Mexicans to become first-time homeowners. Homewise will use its FY 2010 FEC Pilot Program award to pilot an expansion of its successful business model at three sites across the country. </p> <br><strong>Solita's House, Inc</strong>. <br>Tampa, FL<br>Award: $200,000<br>Contact: Aidza Antonio, (813) 425-4847 x 301 <br><br> <p>Solita's House, Inc. (SHI) is a non-profit organization in Tampa, Florida, dedicated to providing free financial education and credit counseling services to low- and moderate-income individuals and families that seek to become homebuyers. SHI's current financial education and counseling program includes homebuyer education, pre-purchase counseling, financial literacy, credit counseling, post-purchase counseling and foreclosure prevention. SHI will use their FY 2010 FEC Pilot Program award to expand their program with the addition of new services, educational workshops, matched savings, and a new education and counseling module called the “Learn It $ Practice It $$ Grow It $$$ Program."</p><p> <strong>About the CDFI Fund</strong><br><br> <em>Since its creation in 1994, the CDFI Fund has awarded almost $1.2 billion to CDFIs, community development organizations and financial institutions through CDFI Program, the Bank Enterprise Award Program, and the Native Initiatives. In addition, the CDFI Fund has allocated $26 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program.</em></p><p>For more information about the CDFI Fund and its programs, visit <a target="_blank" href="http://www.cdfifund.gov/">http://www.cdfifund.gov</a>.</p> 2010-10-22T04:00:00ZPress Releases64
Treasury Officials, Congresswoman Lee Announce $80 Million in Awards for Affordable Housinghttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=63Treasury Officials, Congresswoman Lee Announce $80 Million in Awards for Affordable Housing<p> <em>Inaugural Round of Capital Magnet Fund Awards Provides Critical Financing to Meet Affordable Housing Need</em></p><p>Oakland, CA–Speaking today alongside Congresswoman Barbara Lee, the Director of the US Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund), Donna J. Gambrell, and the Deputy Assistant Secretary for Small Business, Community Development and Housing Policy, Don Graves, Jr., announced $80 million in awards for the development of affordable housing in low-income communities at an event today in Oakland, California. Held at St. Joseph's Senior and Family Housing, a historic landmark currently undergoing rehabilitation as an expanded affordable housing development, the event celebrated the 23 Community Development Financial Institutions (CDFIs) and nonprofit organizations that received awards.</p><p> <br>"I am thrilled to be announcing these awards under the first-ever round of the Capital Magnet Fund with Congresswoman Lee in California, where CDFIs continue to have a tremendous positive impact on the development of affordable housing,” said Director Gambrell. “The Capital Magnet Fund awards will enable our partners to leverage up to $1.6 billion for the financing of affordable housing within underserved communities and help put under-served neighborhoods on the path to recovery and revitalization."</p><p>The $80 million in grants awarded in the inaugural funding round of the Capital Magnet Fund will support financing for the preservation, rehabilitation, or purchase of affordable housing for low-income communities and community service facilities such as day care centers, workforce development centers and health care clinics.</p><p>Treasury chose St. Joseph's Senior and Family Housing as the venue of today's national award announcement to highlight how financing provided by CDFIs plays a crucial role in the development of affordable housing for low- and very low-income families. With funding provided through the Lower San Antonio Community Development Fund, the site's current developer, BRIDGE Housing Corporation, is converting the Oakland landmark into affordable housing units while preserving its historic designation. The Lower San Antonio Community Development Fund is an impressive collaborative effort managed by the Northern California Community Loan Fund in partnership with the Annie E. Casey Foundation, the Evelyn and Walter Haas, Jr. Fund, the San Francisco Foundation and two CDFIs serving the Bay Area, the Low Income Investment Fund and the Local Initiatives Support Corporation. Designed to provide much-needed capital to spur the development of affordable housing in the extremely low-income Lower San Antonio neighborhood of Oakland, California, the Lower San Antonio Community Development Fund provided the project with funding of over $3 million to rehabilitate St. Joseph's and create 80 units of affordable senior housing and 58 units of affordable family rental apartments. The Low Income Investment Fund and the Local Initiatives Support Corporation are among the 23 Capital Magnet Fund award recipients. The CDFI Fund provided the Low Income Investment Fund with a $6 million award and the Local Initiatives Support Corporation with a $5 million award under the Capital Magnet Fund.</p><p>The CDFI Fund provided the Low Income Investment Fund with a $6 million award under the Capital Magnet Fund out of 23 awards made to organizations serving 38 states. The CDFI Fund received 230 applications from organizations serving 49 states, the District of Columbia, and Puerto Rico requesting over $1 billion in grants under the FY 2010 round of the Capital Magnet Fund. On average, applicants proposed leveraging their awards by a factor of over 20 times their award request, far exceeding the target set by Congress of leveraging by a factor of 10.</p><p><strong>About the Capital Magnet Fund</strong></p><p>Through the Capital Magnet Fund, the CDFI Fund will provide competitively awarded grants to CDFIs and qualified nonprofit housing organizations. Capital Magnet Fund awards can be used to finance affordable housing activities as well as related economic development activities and community service facilities. Awardees will be able to utilize financing tools such as loan loss reserves, loan funds, risk-sharing loans, and loan guarantees to produce eligible activities whose aggregate costs are at least ten times the size of the award amount.<br><br><strong>2010 Capital Magnet Fund Awards</strong></p> <ul><li> <a target="_blank" href="/Documents/2010%20Capital%20Magnet%20Fund%20Award%20List.pdf">2010 Capital Magnet Fund Award List</a></li><li> <a target="_blank" href="/Documents/2010%20Capital%20Magnet%20Fund%20Awardee%20Highlights.pdf">2010 Capital Magnet Fund Highlights</a></li><li> <a target="_blank" href="/Documents/2010%20Capital%20Magnet%20Fund%20Awardee%20Profiles.pdf">2010 Capital Magnet Fund Awardee Profiles</a></li><li> <a target="_blank" href="/Documents/2010%20Capital%20Magnet%20Fund%20Award%20Booklet.pdf">2010 Capital Magnet Fund Award Booklet</a></li></ul><p>For more information on the Capital Magnet Fund, or the CDFI Fund's programs, please visit the CDFI Fund's website at: <a target="_blank" href="http://www.cdfifund.gov/">http://www.cdfifund.gov</a>. </p>2010-10-14T04:00:00ZPress Releases63
CDFI Fund Announces Providers Under New Capacity-Building Initiativehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=62CDFI Fund Announces Providers Under New Capacity-Building Initiative<p> <em>Expanded Technical Assistance and Training Resources to Strengthen Capacity of Community Development Financial Institutions Across the Nation</em></p><p><strong>Washington, DC</strong>–The CDFI Fund announced today the initial successful providers named under the Request for Proposals for its new Capacity-Building Initiative, designed to greatly expand technical assistance and training opportunities for Community Development Financial Institutions (CDFIs) nationwide. Through the Capacity-Building Initiative, these firms will provide specialized training and technical assistance designed to significantly increase the ability of CDFIs to deliver financial products and services to underserved communities.</p><p>"This exciting, new initiative marks another key success in the CDFI Fund's efforts to deliver additional resources, funding, and specialized technical assistance to the entire CDFI sector. I would especially like to thank the Community Development Advisory Board for their inspiration and hard work to make this initiative possible," said CDFI Fund Director Donna J. Gambrell. "The CDFI Fund will be working closely with the providers announced today to offer high quality training resources, on-site technical assistance and individualized capacity-building assistance to help CDFIs extend and expand their coverage."</p><p>Training will cover areas like affordable housing and business lending, portfolio management, risk assessment, foreclosure prevention, training in CDFI business processes, and assistance with liquidity and capitalization challenges.</p><p>The providers selected for the initial Capacity-Building Task Orders are:</p><ul><li>CDFI Solutions for Foreclosure Prevention: NeighborWorks America<br><br>NeighborWorks will provide training and/or technical assistance services to help CDFIs respond to the nation's foreclosure crisis. Participants will learn how to effectively implement foreclosure prevention programs or to strengthen existing programs. This initiative will focus particularly on CDFIs serving communities that are most affected by the current housing crisis.<br><br></li><li>CDFI Expansion: Deloitte Financial Advisory Services<br><br>Deloitte will undertake market research to help determine if and how training and/or technical assistance services should be provided to communities hardest hit by the recession. This will help lay the foundation for a training and technical assistance strategy by: 1) identifying which communities have been the hardest hit by the recession; 2) if a CDFI serves those areas hardest hit; 3) if a CDFI does serve such areas, what kind of capacity building would be most appropriate if at all; and 4) if a CDFI does not substantially serve the hardest hit areas, what is the extent of the need for such an entity.<br><br></li><li>Portfolio Management and Risk Assessment: NeighborWorks America<br><br>NeighborWorks will provide training and/or technical assistance services to help participants effectively assess the risks in their loan portfolios and manage these risks. NeighborWorks will identify best practices in risk assessment and portfolio management that are being used by the CDFI industry, CDFI partners or other community development lending institutions.<br><br></li><li>Liquidity and Capitalization: NeighborWorks America<br><br>NeighborWorks will conduct market research on: 1) current avenues for capacity and liquidity for CDFIs; 2) barriers to achieving greater capitalization and liquidity; and 3) best prospects for achieving capitalization and liquidity. It will take the results of this research and implement a program of training and technical assistance to support the capital structure of CDFIs.</li></ul><p>In addition to the providers mentioned above, the CDFI Fund is pleased to announce that the National Federation of Community Development Credit Unions, the Opportunity Finance Network and Reznick Group, P.C. have also been selected as providers under the Request for Proposals for the Capacity-Building Initiative and will be able to compete on additional task orders which will be issued in the future.</p><p>Selections were made based on the providers overall expertise and ability to serve the full range of CDFIs. Training will be directed to nonprofit loan funds, banks, credit unions and venture capital funds, in both rural and urban settings.</p><p>The CDFI Fund is coordinating with the providers to begin delivery of the technical assistance and training in the coming months. These opportunities will be posted on the CDFI Fund's website. The CDFI Fund anticipates announcing the provider selected to conduct training and technical assistance for CDFIs to successfully finance the full continuum of access to healthy food options in underserved markets later this month.</p><p><strong>About NeighborWorks America</strong> –  Neighborworks America (NeighborWorks) is a national nonprofit organization chartered by Congress in 1978. Its mission is to create opportunities for Americans to live in affordable homes, improve their lives, and strengthen their communities. NeighborWorks has over 22 years of experience providing training and is recognized as the premier provider of training in the affordable housing and community development industry. NeighborWorks supports over 4,000 affordable housing and community development nonprofit organizations and municipalities across America each year by providing training, technical assistance, access and capital. In fiscal year 2009, NeighborWorks awarded more than 20,000 training certificates to affordable housing and community development professionals from 3,500 nonprofit organizations and municipalities from all 50 states and Puerto Rico.</p><p><strong>About Deloitte</strong> –  Deloitte is a global organization devoted to excellence in providing professional services and advice. With access to the deep intellectual capital of more than 160,000 people worldwide, its member firms deliver services in areas of consulting, assurance & enterprise risk, tax, and financial advisory services. Deloitte Financial Advisory Services brings strong industry experience in financial transaction work – restructuring impaired assets, and developing business models that can attract new capital, and providing technical assistance to troubled institutions. Deloitte's Financial Services Industry practice is a far-reaching network of practitioners who offer their experience to the world's leading federal and commercial financial services enterprises. This practice serves 83 percent of the financial services companies listed on the Fortune Global 500, operates in more than 40 countries and encompasses a network of more than 1,000 partners and 17,000 professionals.</p><p><strong>About the National Federation of Community Development Credit Unions</strong> –  The National Federation of Community Development Credit Unions (the Federation) was established in 1974 by a national coalition of credit unions dedicated to the financial empowerment of low-income, underserved communities. The Federation is a certified CDFI, a national CDFI intermediary, and a HUD Approved National Housing Counseling Intermediary. The Federation has developed a deep menu of capacity-building services and capital products, a continuum of services that begins with the earliest stages of organizing new community development credit unions and runs through each stage of development on the path to maturity as full-service CDFIs. The Federation is the only national CDFI intermediary with the exclusive mission of expanding the reach and increasing the impact of credit union CDFIs.</p><p><strong>About Opportunity Finance Network</strong> –  Opportunity Finance Network (OFN) possesses 25 years of experience as a community development finance industry leader. OFN's mission is to lead the community development finance system to scale through capital formation, policy and capacity development. OFN has managed numerous national capacity building initiatives and worked successfully with CDFIs on a daily basis. OFN's team is recognized across the CDFI industry as experts in CDFI capacity building, risk management, institutional growth and development, and strategy.</p><p><strong>About Reznick Group P.C.</strong> –  Reznick Group P.C. (Reznick) is a national leader in accounting, tax and business advisory services. It has more than 32 years experience supporting community development and affordable housing clients. Reznick has helped CDFIs organize themselves, complete competitive applications for funding, and comply with Federal program requirements. It has provided services for CDFIs and nonprofits ranging from structuring and implementing compliance and monitoring programs to asset management, to designing and evaluating capitalization and business strategies, financing structures, and equity solicitations. Reznick will apply its proven project management approach to serve the diverse and complex needs of this initiative.</p><p><strong>CDFI Fund Background</strong></p><p>The CDFI Fund invests in and builds the capacity of community-based, private, for-profit and non-profit financial institutions with a primary mission of community development in economically distressed communities. These institutions – certified by the CDFI Fund as Community Development Financial Institutions or CDFIs – are able to respond to gaps in local markets that traditional financial institutions are not adequately serving. CDFIs provide critically needed capital, credit and other financial products in addition to technical assistance to community residents and businesses, service providers, and developers working to meet community needs. The CDFI Fund's vision is an America in which all people have adequate access to affordable capital, credit and financial services.</p><p>For more information on the CDFI Fund and its programs, please visit the Fund's website at: <a href="http://www.cdfifund.gov/">http://www.cdfifund.gov</a>.</p>2010-10-07T04:00:00ZPress Releases62
CDFI Fund Awards Nearly $25 Million to Institutions for Increasing Lending and Investment in Economically Distressed Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=61CDFI Fund Awards Nearly $25 Million to Institutions for Increasing Lending and Investment in Economically Distressed Communities<p><strong>​Washington, DC</strong> - The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund Director Donna J. Gambrell today announced awards totaling nearly $25 million to 69 depository institutions for serving economically distressed communities across the nation. The awards are being made through the fiscal year 2010 round of the Bank Enterprise Award (BEA) Program. The activities that qualify these institutions for BEA Program awards occur in census tracts where at least 30 percent of the population lives at or below the national poverty level and where the unemployment rate is 1.5 times above the national average.</p><p>"I am pleased to announce the recipients of the fiscal year 2010 Bank Enterprise Awards," said Director Gambrell. "The BEA Program encourages private investment in low-income and economically distressed communities across the nation. At a time of worrying unemployment numbers and rising poverty levels, the investments made by these depository institutions made a tangible difference in the communities they serve."</p><p>Collectively, these 69 depository institutions increased their loans and investments in distressed communities by over $276 million; increased their loan, deposits, and technical assistance to community development financial institutions (CDFIs) by over $53 million; and increased the provision of financial services in distressed communities by over $13 million. </p><p>The BEA Program awardees were selected after a comprehensive review of 76 applications received by the CDFI Fund from financial institutions across the nation that requested more than $94 million in funding under the fiscal year 2010 round. <br></p><p><strong>About the BEA Program</strong> </p><p>The BEA Program was enacted to provide an incentive to FDIC-insured banks and thrifts to increase either their level of support to certified CDFIs or increase their provision of loans, investments, and financial services in distressed communities, such as opening new savings accounts, providing mortgages or investing in local small businesses, or both. CDFIs are specialized community-based financial institutions that are able to respond to gaps that exist in their local markets. </p><p>Through the BEA Program, the CDFI Fund recognizes the key role played by some mainstream depository institutions in promoting community revitalization through the provision of essential financial services, credit, and investment capital. The BEA Program complements the community development activities of banks and thrifts by providing financial incentives to further expand their investments in CDFIs and to increase lending, investment, and service activities within economically distressed communities. Providing monetary awards for increasing community development activities leverages the CDFI Fund's dollars and puts more capital to work in distressed communities throughout the nation. </p><p><strong>About the CDFI Fund </strong></p><p>Since its creation in 1994, the CDFI Fund has awarded almost $1.2 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Awards program, and the Native American CDFI Assistance program. In addition, the CDFI Fund has allocated $26 billion in tax credit authority to community development entities through the New Markets Tax Credit Program. <br></p><p><strong>2010 BEA Program Awards </strong><br></p><ul><li><a target="_blank" href="http://cdfifund.gov/docs/2010/bea/2010_BEA_List_of_Awards.pdf">2010 BEA Program Award List</a></li><li><a target="_blank" href="http://cdfifund.gov/docs/2010/bea/2010_BEA_Highlights.pdf">2010 BEA Program Highlights</a></li><li><a target="_blank" href="http://cdfifund.gov/docs/2010/bea/2010_BEA_Awardee_Profiles.pdf">2010 BEA Program Awardee Profiles</a></li><li><a target="_blank" href="http://cdfifund.gov/docs/2010/bea/2010_BEA_Award_Booklet.pdf">2010 BEA Program Award Booklet</a></li></ul> For more information on the CDFI Fund and its programs, please visit <a href="http://cdfifund.gov/news_events/www.cdfifund.gov">www.cdfifund.gov</a>. 2010-09-30T04:00:00ZPress Releases61
CDFI Fund Announces $104.8 Million in Awards for Local Financial Institutions Across Nation Serving Struggling Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=60CDFI Fund Announces $104.8 Million in Awards for Local Financial Institutions Across Nation Serving Struggling Communities<p><strong>​New York, NY </strong>- Today, the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced $104.8 million in awards for 179 local financial institutions serving struggling communities in 44 states and the District of Columbia. These grants represent the largest single round of awards in the CDFI Fund’s history and will help those financial institutions support local entrepreneurs and small businesses, and spur local economic growth and recovery by expanding access to capital and affordable financial services in underserved areas.</p><p>“CDFIs play a critical role financing small businesses and providing access to capital where it is needed most,” said Treasurer of the United States Rosie Rios. “The awards we are announcing today will provide critical support to local financial institutions, which are on the front lines creating jobs and economic opportunity in communities across the country.”</p><p>Treasurer of the United States Rosie Rios, Director Donna J. Gambrell of the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund, Congresswoman Nydia Velázquez, and Congressman José E. Serrano made this announcement at El Maguey Y La Tuna – a restaurant on the Lower East Side of Manhattan. The owner, Maria Cortez, financed the relocation of her restaurant to the Lower East Side in 2002 through a local CDFI – the Lower East Side People's Federal Credit Union – after the original location in Williamsburg, Brooklyn was destroyed in a fire. The Lower East Side Federal Credit Union is one of the awardees announced today and will receive $750,000 to increase their lending capital and depository activities in their local community.</p><p>"By making capital available in areas that have traditionally had difficulty obtaining financing, CDFI's like the Lower East Side People's Federal Credit Union help empower our communities and spur local economic growth,” said Congresswoman Velázquez. “The federal assistance being announced today will bring additional resources to the Lower East Side and help create jobs for New York City residents."</p><p>"These awards will enable CDFIs to expand their impact and to provide the critically needed loans, capital, and support that have been instrumental in establishing and sustaining successful small businesses such as El Maguey y La Tuna, which represent the achievement of an entrepreneur’s dream made possible by CDFIs," said Director Gambrell. "The awards announced today will continue to build upon the success CDFIs have had improving access to capital in underserved communities."</p><p>"When I was looking for a loan to help finance my small business, my local CDFI delivered the critical support I needed," said Maria Cortez, owner of El Maguey Y La Tuna. "The Lower East Side People’s Federal Credit Union also provided me the opportunity to develop my skills as an entrepreneur and ultimately to help build my community."</p><p>The CDFI Fund received 408 applications from organizations across the nation requesting more than $467 million in funding under the FY 2010 round of the CDFI Program announced today. This included 322 applications requesting more than $458.9 million under the Financial Assistance Program and 86 applications requesting over $8.4 million under the Technical Assistance Program.</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. The CDFI Fund receives applications on an annual basis and awards funds through a competitive process. Since its inception, the CDFI Fund has awarded over $926 million through the CDFI Program.<br></p><p>2010 CDFI Program Awards<br></p><ul><li> <a href="/Documents/2010_BEA_List_of_Awards.pdf" target="_blank">2010 CDFI Program Award List</a></li><li><a href="/Documents/2010_BEA_Highlights.pdf" target="_blank">2010 CDFI Program Highlights</a></li><li><a href="/Documents/2010_BEA_Awardee_Profiles.pdf" target="_blank">2010 CDFI Program Awardee Profiles</a></li><li><a href="/Documents/2010_BEA_Award_Booklet.pdf" target="_blank">2010 CDFI Program Award Booklet</a></li></ul>For more information about these awards, or about the CDFI Fund and its programs, please visit the CDFI Fund's website at: <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>.<br><br>2010-08-19T04:00:00ZPress Releases60
First Lady Highlights CDFI Fund Programs During Treasury Speechhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=59First Lady Highlights CDFI Fund Programs During Treasury Speech<p><strong>​Washington, DC</strong>–On July 7, 2010, First Lady Michelle Obama spoke to United States Department of the Treasury employees in recognition of their work fighting difficult economic circumstances throughout the nation. During her remarks, the First Lady highlighted the importance of several Treasury programs, including the Community Development Financial Institutions Fund's (CDFI Fund) New Markets Tax Credit (NMTC) Program in conjunction with the proposed Healthy Food Financing Initiative.</p><p>The NMTC Program has been instrumental in encouraging investments in low-income and distressed communities throughout the United States. To date, the CDFI Fund has allocated $26 billion in tax credit authority to Community Development Entities through the NMTC Program.</p><p>The proposed Healthy Food Financing Initiative will work toward eliminating “food deserts,” neighborhoods with no affordable source of healthy foods, by providing competitively awarded grants through the CDFI Program and New Markets Tax Credits to organizations that are improving access to fresh food in low-income and underserved communities.</p><p>The full video of the First Lady's speech may be found on the U.S. Department of the Treasury’s public website.</p><p>For more information about the CDFI Fund and its programs, please visit the CDFI Fund’s website.</p>2010-07-08T04:00:00ZPress Releases59
CDFI Fund Announces New Native Initiatives Workshop Serieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=58CDFI Fund Announces New Native Initiatives Workshop Series<p><em>​Workshops to Explore Economic Development Opportunities for Native Communities</em></p><p><strong>Washington, DC</strong>- Today the Community Development Financial Institutions Fund (CDFI Fund) launched its new "Economic Development Strategies in Indian Country" workshop series. Co-sponsored with the Federal Reserve Bank of San Francisco, Seattle Branch, the workshops are being conducted to promote economic development in Native communities across the country. Participants will learn about resources available for Native economic development initiatives from the federal government and regional programs.<br></p><p>"We are excited about this opportunity to partner with the Federal Reserve Bank to build upon our Native Initiatives efforts," said CDFI Fund Director Donna Gambrell. "We are always exploring ways to help our nation's distressed communities during the current economic recovery. We must remember the unique challenges our communities face, especially in Native areas across the nation. These workshops will help participants identify new ways to stimulate and revitalize their Native economic and community development programs."</p><p>The CDFI Fund and Federal Reserve staff will facilitate day-long workshops, featuring various federal agencies and industry experts. Participants will be able to attend seminars on designing successful economic development strategies while networking with regional practitioners and local support organizations. Five cities will host the workshops - Albuquerque, Anchorage, Sacramento, Oklahoma City and Seattle.</p><p>"The "Economic Development Strategies in Indian Country" workshops are part of our overall plan to help ensure that economic opportunities are equally available throughout the nation, including Indian Country," said Scott Turner, Vice President and Community Affairs Officer of the Community Development Department, Federal Reserve Bank of San Francisco. "After holding over 100 meetings on reservations within the 12th District, we understand the many difficulties confronting tribes and their members. We are proud to join with the CDFI Fund on this initiative and look forward to learning how we can support efforts to promote community and economic development in Indian Country."</p><p>For more information about the series as well as to register for a specific workshop, please visit: <a target="_blank" href="http://www.frbsf.org/community/resources/events.html">http://www.frbsf.org/community/resources/events.html</a><br></p><p>2010 Economic Development Strategies in Indian Country Workshop Schedule</p><ul><li>June 30, 2010: Oklahoma City, Oklahoma</li><li>July 28, 2010: Sacramento, California</li><li>August 17, 2010: Seattle, Washington</li><li>August 19, 2010: Anchorage, Alaska</li><li>September 16, 2010: Albuquerque, New Mexico</li></ul><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><strong>About the CDFI Fund</strong><br></p><p>Since its creation in 1994, the CDFI Fund has awarded almost $1.2 billion to CDFIs, community development organizations and financial institutions through CDFI Program, the Bank Enterprise Award Program, and the Native Initiatives. In addition, the CDFI Fund has allocated $26 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program.</p><p>For more information on the CDFI Fund and its programs, please visit <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>.</p><p>About the Federal Reserve Bank of San Francisco, Seattle Branch<br></p><p>The Federal Reserve's Community Development Department gives financial institutions, community based organizations and government entities the tools they need to effectively address community development issues affecting low- and moderate-income individuals and communities.</p>2010-05-28T04:00:00ZPress Releases58

 Stay In Touch

Sign up to receive news and important information.

Sign Up