CDFI News

 

 

CDFI Fund Director Gambrell Honored at the New York Housing Conference and National Housing Conference 38th Annual Awards Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=78CDFI Fund Director Gambrell Honored at the New York Housing Conference and National Housing Conference 38th Annual Awards Program <p><strong>Washington, DC </strong>– Yesterday, Director Donna J. Gambrell of the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) was honored at the New York Housing Conference and National Housing Conference 38th Annual Awards Program in New York City. Director Gambrell received the distinguished Public Service Award for exemplary leadership throughout her career, and for the exceptional work the CDFI Fund has recently accomplished to increase economic opportunity and promote community development investments for underserved populations and distressed communities. This year’s award program, one of the largest gatherings of housing professionals in the nation, addressed the importance of affordable housing, job creation, and economic recovery.<br></p><p>"It’s an honor to be recognized by such prestigious organizations as the New York Housing Conference and the National Housing Conference," said CDFI Fund Director Donna J. Gambrell. "The CDFI Fund has always encouraged affordable housing as an integral component of community development initiatives. I am proud to accept this award on behalf of the CDFI Fund, and on behalf of CDFIs across the nation that are making affordable housing a priority in low-income neighborhoods."</p><p>Director Gambrell was one of four honorees recognized for their contribution to various aspects of affordable housing. During the award ceremony, a short video highlighting Director Gambrell’s career accomplishments and lifelong commitment to public service, along with the work of the CDFI Fund, was presented. To view the video, please visit <a href="http://www.youtube.com/watch?v=G4yjPNQpZ2A">http://www.youtube.com</a>.</p><p>Since 1974, the New York Housing Conference and National Housing Conference have recognized individuals and organizations dedicated to ensuring decent, safe and affordable housing. Past recipients of the Public Service Award include Shaun Donovan, Secretary for the U.S. Department of Housing and Urban Development and the Honorable Michael R. Bloomberg, Mayor of the City of New York.</p><p><strong>About New York Housing Conference</strong></p><p>Established in 1973, The New York Housing Conference is a broad-based coalition of nonprofit and private developers, owners, managers, professionals, and funders of affordable housing that advocate for the housing needs of New Yorkers. It promotes strong housing policies, adequate funding, practical regulations, and increased public awareness of the need for and benefits of affordable housing.</p><p><strong>About National Housing Conference</strong></p><p>National Housing Conference has been dedicated to helping ensure safe, decent and affordable housing for all in America since 1931. National Housing Conference has earned its strong reputation as the United Voice for Housing by actively engaging and convening its membership in nonpartisan advocacy for effective housing policy solutions at the local, state and national levels.</p><p><strong>About 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.</p><p>For more information about the CDFI Fund and its programs, please visit the Fund's website at: <a href="http://www.cdfifund.gov/" target="_blank">http://www.cdfifund.gov</a>. </p>2011-12-08T05:00:00ZPress Releases78
CDFI Fund Announces Capacity Building Initiative’s First Resource Bankhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=77CDFI Fund Announces Capacity Building Initiative’s First Resource Bank<p><strong>​Washington, DC</strong> - Today, as part of the training and educational opportunities available under the Capacity Building Initiative, the CDFI Fund launched its first resource bank on the CDFI Fund website. The Financing Healthy Food Options Resource Bank makes the training and resource materials used for the Financing Healthy Food Options training series available to the general public and members of the community development industry.</p><p>"I’m proud of the success that we have already achieved with the Capacity Building Initiative," said CDFI Fund Director Donna J. Gambrell. "By expanding the educational materials available to all CDFIs through the Financing Healthy Food Options Resource Bank, the CDFIs will continue moving into this new market with cutting edge financial products and services. The resource bank has great tools to help them create innovative healthy foods programs in underserved communities across the nation."</p><p>The Financing Healthy Food Options Resource Bank is the first resource bank the CDFI Fund has made available for a training series under the Capacity Building Initiative. The Financing Healthy Food Options training supports CDFIs engaged in the eradication of food deserts in their target markets. The resource bank provides the training curriculum used in the two-day workshop, a catalogue of financing sources for organizations interested in funding healthy food opportunities, and food desert mapping tools.</p><p>Additional Financing Healthy Food Options resource bank materials will be posted as they are available. Resource banks will also be posted in 2012 for the other training series in the Capacity Building Initiative. A full list of the series available, including ongoing workshop and technical assistance opportunities, can be found on the CDFI Fund’s website.</p><p>To learn more about the Capacity Building Initiative, or the CDFI Fund’s other programs, please visit <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>. </p>2011-12-07T05:00:00ZPress Releases77
CDFI Fund Awards Nearly $22 Million to Institutions for Increasing Lending and Investment in Economically Distressed Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=76CDFI Fund Awards Nearly $22 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 Fund (CDFI Fund) Director Donna J. Gambrell today announced awards totaling nearly $22 million to 77 depository institutions for serving economically distressed communities across the nation. The awards are being made through the fiscal year (FY) 2011 round of the Bank Enterprise Award Program (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 class="body"> "I am pleased to announce the recipients of the fiscal year 2011 Bank Enterprise Awards," said Director Gambrell. "The BEA Program directly recognizes community banks that provide vital investments into low-income and distressed neighborhoods across the nation. This year’s awardees also stand out as depository institutions that acted upon the need for economic growth in underserved areas, generating significant impacts for communities that have traditionally struggled to obtain financing."</p><p> Collectively, these 77 depository institutions increased their loans and investments in distressed communities by over $305 million; increased their loan, deposits, and technical assistance to Community Development Financial Institutions (CDFIs) by approximately $66 million; increased their equity, equity-like loans and grants to CDFIs by over $35 million; and increased the provision of financial services in distressed communities by over $1.2 million. </p><p> The BEA Program awardees were selected after a comprehensive review of 82 applications received by the CDFI Fund from financial institutions across the nation that qualified for more than $68 million in funding under the FY 2011 round. </p><p class="body"> <strong>About the BEA Program</strong><br><br> 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 class="body"> 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><br><br> Since its creation in 1994, the CDFI Fund has awarded almost $1.3 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 $29.5 billion in tax credit authority to community development entities through the New Markets Tax Credit Program. </p><p> <strong>2011 BEA Program Awards </strong></p><ul><li> <a target="_blank" href="/Documents/2011%20BEA%20Award%20List.pdf">2011 BEA Program Award List </a></li><li> <a target="_blank" href="/Documents/2011%20BEA%20Highlights%20of%20Award.pdf">2011 BEA Program Highlights </a></li><li> <a target="_blank" href="/Documents/2011%20BEA%20Awardee%20Profiles.pdf">2011 BEA Program Awardee Profiles </a></li><li> <a target="_blank" href="/Documents/2011%20BEA%20Award%20Booklet.pdf">2011 BEA Program Award Booklet </a></li></ul> <p> For more information on the CDFI Fund and its programs, please visit <a href="http://cdfifund.gov/">www.cdfifund.gov</a>. </p>2011-11-09T05:00:00ZPress Releases76
CDFI Fund Announces the Appointment of Dennis Nolan to Serve as its Deputy Directorhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=75CDFI Fund Announces the Appointment of Dennis Nolan to Serve as its Deputy Director<p><strong>​Washington, DC</strong> - – Community Development Financial Institutions Fund (CDFI Fund) Director Donna J. Gambrell today announced the appointment of Dennis Nolan to serve as the Deputy Director of the CDFI Fund beginning Monday, October 24, 2011.</p><p>As the Deputy Director, Mr. Nolan is responsible for taking the lead in developing policies, operating procedures, internal controls, and short- and long-range strategic plans, as well as coordinating, evaluating and enhancing the CDFI Fund’s programs.</p><p>"I am pleased to welcome Dennis to the CDFI Fund team," said Director Gambrell. "With his arrival our senior management team is fully in place, and we are well positioned to move forward in fiscal year 2012. Dennis’s years of experience and expertise in community and economic development policies, administration, and finance will be instrumental to the CDFI Fund’s future success."</p><p>Prior to the CDFI Fund, Mr. Nolan was Deputy Chief Financial Officer in the Department of Administration and Finance at the Millennium Challenge Corporation (MCC), which is an independent U.S. foreign aid agency focused on the fight against global poverty. At MCC, Mr. Nolan was responsible for financial management, budget formulation and execution, strategic planning, compliance, and reporting and analysis in support of the agency’s mission. Additionally, he served as MCC’s Deputy Vice President in the Department of Administration and Finance from January 2008 to November 2010.</p><p>Mr. Nolan also has over 25 years of experience in federal financial management. Prior to the MCC, he was the Deputy Director in the Office of Financial Management at the Environmental Protection Agency (EPA), where he was responsible for all aspects of EPA’s financial management program, including policy development, systems, reporting, and cost management.</p><p>Mr. Nolan also served for over 10 years at the Federal Deposit Insurance Corporation (FDIC) in various positions, including Director of Resolution Analysis, Special Assistant to the Chief Financial Officer, and Special Assistant to the Director of the Division of Finance. At the FDIC, he played a key role in the development of FDIC’s loan securitization program, financial analysis of failed financial institutions, and financial systems implementation. He also served at the Resolution Trust Corporation (1990-2002), and at the Federal Savings and Loan Insurance Corporation (1986-1989).</p><p>Before joining the federal government, Mr. Nolan spent two years in public accounting and was the Chief Financial Officer of a 13-branch bank in Florida. Mr. Nolan holds a Bachelor’s degree in Accounting from the University of South Florida. </p>2011-10-24T04:00:00ZPress Releases75
Statement from CDFI Fund Director Gambrell on 51 Certified CDFIs Receiving Over $104 Million in Small Business Lending Fund Awardshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=74Statement from CDFI Fund Director Gambrell on 51 Certified CDFIs Receiving Over $104 Million in Small Business Lending Fund Awards<p> <strong>Washington, DC </strong>- U.S. Department of the Treasury today announced the seventh and final wave of funding provided through the Small Business Lending Fund. This includes 51 certified Community Development Financial Institutions (CDFIs) that received an aggregated total of $104,279,000. Treasury released the term sheet and other application materials needed by Community Development Loan Funds to access this lower-cost capital on May 26, 2011. </p><p> Community Development Financial Institutions Fund Director Donna J. Gambrell issued the following statement: </p><p> "The Small Business Lending Fund was created to spur investments in small businesses, a priority of CDFIs across the country. I am proud of the strong performance of certified CDFI Loan Funds under this program, which demonstrates that the basic tenets of operation that CDFIs employ every day – focusing investments in job creation opportunities, encouraging the growth of small businesses, and targeting economic growth where it is most needed – are key to this nation’s economic recovery." </p> <br> <br> <table cellpadding="5" class="ms-rteTable-4"><tbody><tr class="ms-rteTableHeaderRow-4"><th colspan="1" rowspan="1" class="ms-rteTableHeaderEvenCol-4"> Institution Name</th><th colspan="1" rowspan="1" class="ms-rteTableHeaderOddCol-4"> State</th><th colspan="1" rowspan="1" class="ms-rteTableHeaderEvenCol-4"> Amount Funded</th></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Appalachian Community Enterprises, Inc.</td><td class="ms-rteTableOddCol-4">GA</td><td class="ms-rteTableEvenCol-4">$188,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Boston Community Loan Fund</td><td class="ms-rteTableOddCol-4">MA</td><td class="ms-rteTableEvenCol-4">$4,410,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Bridgeway Capital, Inc.</td><td class="ms-rteTableOddCol-4">PA</td><td class="ms-rteTableEvenCol-4">$1,820,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Building Hope…A Charter School Facilities Fund </td><td class="ms-rteTableOddCol-4">DC</td><td class="ms-rteTableEvenCol-4">$2,091,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">California Coastal Rural Development Corporation</td><td class="ms-rteTableOddCol-4">CA</td><td class="ms-rteTableEvenCol-4">$870,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Capital Link Inc.</td><td class="ms-rteTableOddCol-4">MA</td><td class="ms-rteTableEvenCol-4">$198,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">CEN-TEX Certified Development Corporation</td><td class="ms-rteTableOddCol-4">TX</td><td class="ms-rteTableEvenCol-4">$489,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Charleston Citywide Local Development Corporation</td><td class="ms-rteTableOddCol-4">SC</td><td class="ms-rteTableEvenCol-4">$1,000,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Citizen Potawatomi Community Development Corporation</td><td class="ms-rteTableOddCol-4">OK</td><td class="ms-rteTableEvenCol-4">$490,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Coastal Enterprises, Inc.</td><td class="ms-rteTableOddCol-4">ME</td><td class="ms-rteTableEvenCol-4">$2,316,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Colorado Enterprise Fund, Inc.</td><td class="ms-rteTableOddCol-4">CO</td><td class="ms-rteTableEvenCol-4">$463,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Community First Fund</td><td class="ms-rteTableOddCol-4">PA</td><td class="ms-rteTableEvenCol-4">$862,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Community Loan Fund of the Capital Region, Inc.</td><td class="ms-rteTableOddCol-4">NY</td><td class="ms-rteTableEvenCol-4">$478,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Community Reinvestment Fund, Inc.</td><td class="ms-rteTableOddCol-4">MN</td><td class="ms-rteTableEvenCol-4">$5,100,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Community Ventures Corporation</td><td class="ms-rteTableOddCol-4">KY</td><td class="ms-rteTableEvenCol-4">$1,045,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">ECDC Enterprise Development Group</td><td class="ms-rteTableOddCol-4">VA</td><td class="ms-rteTableEvenCol-4">$320,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Economic and Community Development Institute, Inc.</td><td class="ms-rteTableOddCol-4">OH</td><td class="ms-rteTableEvenCol-4">$203,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Enterprise Community Loan Fund</td><td class="ms-rteTableOddCol-4">MD</td><td class="ms-rteTableEvenCol-4">$8,817,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Federation of Appalachian Housing Enterprises, Inc.</td><td class="ms-rteTableOddCol-4">KY</td><td class="ms-rteTableEvenCol-4">$2,063,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Forward Community Investments, Inc.</td><td class="ms-rteTableOddCol-4">WI</td><td class="ms-rteTableEvenCol-4">$470,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Greater New Haven Community Loan Fund, Inc.</td><td class="ms-rteTableOddCol-4">CT</td><td class="ms-rteTableEvenCol-4">$525,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">IFF</td><td class="ms-rteTableOddCol-4">IL</td><td class="ms-rteTableEvenCol-4">$8,294,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Impact Seven, Inc.</td><td class="ms-rteTableOddCol-4">WI</td><td class="ms-rteTableEvenCol-4">$4,000,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">La Fuerza Unida Community Development Corporation</td><td class="ms-rteTableOddCol-4">NY</td><td class="ms-rteTableEvenCol-4">$42,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Leviticus 25:23 Alternative Fund, Inc.</td><td class="ms-rteTableOddCol-4">NY</td><td class="ms-rteTableEvenCol-4">$750,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Low Income Investment Fund</td><td class="ms-rteTableOddCol-4">CA</td><td class="ms-rteTableEvenCol-4">$7,490,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Lowcountry Housing Trust</td><td class="ms-rteTableOddCol-4">SC</td><td class="ms-rteTableEvenCol-4">$392,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Midwest Minnesota Community Development Corporation</td><td class="ms-rteTableOddCol-4">MN</td><td class="ms-rteTableEvenCol-4">$4,600,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Montana Community Development Corporation</td><td class="ms-rteTableOddCol-4">MT</td><td class="ms-rteTableEvenCol-4">$585,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Mountain BizCapital</td><td class="ms-rteTableOddCol-4">NC</td><td class="ms-rteTableEvenCol-4">$197,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">NCB Capital Impact</td><td class="ms-rteTableOddCol-4">VA</td><td class="ms-rteTableEvenCol-4">$8,218,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Nebraska Enterprise Fund</td><td class="ms-rteTableOddCol-4">NE</td><td class="ms-rteTableEvenCol-4">$197,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Nonprofits Assistance Fund</td><td class="ms-rteTableOddCol-4">MN</td><td class="ms-rteTableEvenCol-4">$686,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Northeast South Dakota Economic Corporation</td><td class="ms-rteTableOddCol-4">SD</td><td class="ms-rteTableEvenCol-4">$1,000,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Northside Community Development Fund</td><td class="ms-rteTableOddCol-4">PA</td><td class="ms-rteTableEvenCol-4">$250,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">OBDC Small Business Finance</td><td class="ms-rteTableOddCol-4">CA</td><td class="ms-rteTableEvenCol-4">$219,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Opportunity Fund Northern California</td><td class="ms-rteTableOddCol-4">CA</td><td class="ms-rteTableEvenCol-4">$2,236,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Partners for the Common Good, Inc.</td><td class="ms-rteTableOddCol-4">DC</td><td class="ms-rteTableEvenCol-4">$1,009,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">PeopleFund</td><td class="ms-rteTableOddCol-4">TX</td><td class="ms-rteTableEvenCol-4">$500,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Primary Care Development Corporation</td><td class="ms-rteTableOddCol-4">NY</td><td class="ms-rteTableEvenCol-4">$4,000,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Rural Community Assistance Corporation</td><td class="ms-rteTableOddCol-4">CA</td><td class="ms-rteTableEvenCol-4">$4,300,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Rural Electric Economic Development, Inc.</td><td class="ms-rteTableOddCol-4">SD</td><td class="ms-rteTableEvenCol-4">$1,230,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Seedco Financial Services</td><td class="ms-rteTableOddCol-4">NY</td><td class="ms-rteTableEvenCol-4">$2,500,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">ShoreBank Enterprise Group, Pacific dba Enterprise Cascadia</td><td class="ms-rteTableOddCol-4">WA</td><td class="ms-rteTableEvenCol-4">$1,867,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">South Eastern Development Foundation</td><td class="ms-rteTableOddCol-4">SD</td><td class="ms-rteTableEvenCol-4">$240,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">The Progress Fund</td><td class="ms-rteTableOddCol-4">PA</td><td class="ms-rteTableEvenCol-4">$1,052,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">The Reinvestment Fund, Inc.</td><td class="ms-rteTableOddCol-4">PA</td><td class="ms-rteTableEvenCol-4">$11,708,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Valley Economic Development Center, Inc.</td><td class="ms-rteTableOddCol-4">CA</td><td class="ms-rteTableEvenCol-4">$661,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Vermont Community Loan Fund, Inc.</td><td class="ms-rteTableOddCol-4">VT</td><td class="ms-rteTableEvenCol-4">$1,247,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4">Western Massachusetts Enterprise Fund, Inc</td><td class="ms-rteTableOddCol-4">MA</td><td class="ms-rteTableEvenCol-4">$200,000 </td></tr><tr class="ms-rteTableOddRow-4"><td class="ms-rteTableEvenCol-4">Wisconsin Women's Business Initiative Corporation</td><td class="ms-rteTableOddCol-4">WI</td><td class="ms-rteTableEvenCol-4">$391,000 </td></tr><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4"> Total</td><td class="ms-rteTableOddCol-4"> 51</td><td class="ms-rteTableEvenCol-4"> $104,279,000 </td></tr></tbody></table><p> Click <a target="_blank" href="http://www.treasury.gov/press-center/news/Pages/092811-sblf.aspx">here</a> for more information on today’s announcement by Treasury. </p> <br>2011-09-28T04:00:00ZPress Releases74
CDFI Fund Announces $25 Million in Healthy Food Financing Initiative Awardshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=73CDFI Fund Announces $25 Million in Healthy Food Financing Initiative Awards<p> <strong>Washington, DC</strong> - Reinforcing the Community Development Financial Institutions Fund’s (CDFI Fund) commitment toward economic development in distressed and low-income communities, Director Donna J. Gambrell announced today $25 million in grants under the fiscal year (FY) 2011 round of the Community Development Financial Institutions Program (CDFI Program) targeted for organizations serving food deserts – low-income neighborhoods with limited access to affordable and nutritious food.The grants, made available as part of the multi-agency Healthy Food Financing Initiative (HFFI), were awarded to 12 Community Development Financial Institutions (CDFIs) focused on developing solutions for increasing access to affordable healthy foods.</p><p> "The awards being provided to CDFIs through this initiative will enable CDFIs to enhance their financing solutions to deliver healthy food options to food deserts nationwide," said Director Gambrell. "The 12 awardees this year have an impressive combination of experience in working in underserved areas and the enthusiasm to expand their expertise to improve the quality of life for residents of low-income communities across the country." </p><p> The HFFI is an interagency initiative involving the U.S. Department of the Treasury, the U.S. Department of Agriculture, and the U.S. Department of Health and Human Services. HFFI represents the federal government's first coordinated step to eliminate "food deserts" by promoting a wide range of interventions that expand the supply of and demand for nutritious foods, including increasing the distribution of agricultural products; developing and equipping grocery stores; and strengthening producer-to-consumer relationships. </p><p> <strong>About the CDFI Fund</strong></p><p>Since its creation in 1994, the CDFI Fund has awarded over $1.3 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Awards program, the Native American CDFI Assistance program, the Capital Magnet Fund, and the Financial Education and Counseling Pilot Program. In addition, the CDFI Fund has allocated $29.5 billion in tax credit authority to community development entities through the New Markets Tax Credit Program. </p><p> <strong>2011 Healthy Food Financing Initiative Awards</strong><br></p><ul><li><a target="_blank" href="/Documents/2011%20HFFI%20Award%20List.pdf">2011 Healthy Food Financing Initiative Award List</a></li><li><a target="_blank" href="/Documents/2011%20HFFI%20Highlights.pdf">2011 Healthy Food Financing Initiative Highlights</a></li><li><a target="_blank" href="/Documents/2011%20HFFI%20Profiles.pdf">2011 Healthy Food Financing Initiative Profiles</a></li><li><a target="_blank" href="/Documents/2011-06773%20FY%202011%20Healthy%20Food%20Financing%20Initiative%20Financial%20Assistance%20Awards%20Book.pdf">2011 Healthy Food Financing Initiative Award Booklet</a> </li></ul><p></p><p>For more information on the CDFI Fund and its programs, please visit <a href="http://cdfifund.gov/">www.cdfifund.gov</a>. </p> 2011-09-14T04:00:00ZPress Releases73
US Treasury Awards $11.85 Million to Organizations Serving Economically Distressed Native Communities Nationwidehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=72US Treasury Awards $11.85 Million to Organizations Serving Economically Distressed Native Communities Nationwide<p> <strong>Honolulu, HI</strong> - Director Donna J. Gambrell of the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) traveled to Honolulu to join U.S. Senator Daniel K. Inouye and U.S. Representative Colleen Hanabusa to announce awards totaling $11,847,579 for 35 Native Community Development Financial Institutions (Native CDFIs) and organizations serving economically distressed Native American, Alaska Native, and Native Hawaiian communities (Native communities) across the nation. The organizations awarded are headquartered in 17 states and serve mostly rural communities. </p><p class="body"> The awards are being made through the fiscal year 2011 round of the CDFI Fund's Native Initiatives Financial Assistance and Technical Assistance component, the Native American CDFI Assistance Program (NACA Program). The awards will assist financial institutions with a primary mission of serving Native communities to increase their lending services and financial products, as well as to build their own internal capacity to serve their target markets. </p><p> Director Gambrell made the announcement at the 10th Annual Native Hawaiian Convention, a yearly gathering of community members, organizations, policy makers, legislative representatives, and federal agencies interested in Native Hawaiian community development. Seven Hawaiian organizations received awards this year, the most of any state in the 2011 round. </p><p> "The awards announced today clearly demonstrate the successful growth of the Native CDFI movement across the country," said CDFI Fund Director Donna J. Gambrell. "We're here in Hawaii to celebrate this success and the seven awardees dedicated to economically empowering underserved Native Hawaiian communities." </p><p class="body"> Senator Inouye praised the awards granted to organizations in Hawaii, saying that he was "very pleased that these financial institutions are receiving the much needed support. The Native Hawaiian community was hit especially hard by the recession and these funds will help small business secure credit and create new jobs. The money will also help families find a home. I am very grateful that the President continues to help the Native people of his home state who are working hard to find stable financial footing." </p><p> Congresswoman Hanabusa agreed on the local impact of the awards, saying that "our country's economic situation has been difficult for many of Hawaii's families, especially those in our Native Hawaiian communities. I am pleased to join Donna J. Gambrell, director of the U.S. Treasury Department's Community Development Financial Institutions Fund in announcing more than $1.5 million in awards to help community-based financial institutions provide affordable loans and financial services to Native Hawaiian families, while promoting the growth of our local economy." </p><p> The Financial Assistance and Technical Assistance awardees were selected after a competitive review of 88 applications received by the CDFI Fund from organizations across the nation that requested, in total, nearly $35 million in funding under the FY 2011 round of the NACA Program. </p><p> <strong><em>About the Native American CDFI Assistance Program (NACA Program)</em></strong><br><em>Through the NACA Program, the CDFI Fund invests in and builds the capacity of existing and developing private, for-profit and non-profit community-based lending organizations known as Native Community Development Financial Institutions. These organizations serve low-income Native American, Alaskan Native, and Native Hawaiian 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. The NACA Program is one component of the CDFI Fund's greater Native Initiatives program, which has been actively assisting Native financial institutions through financial and technical assistance and training for nearly a decade.</em> </p><p> <strong>2011 NACA Program Awards</strong></p><ul><li> <a href="/Documents/2011%20NACA%20Awards%20List.pdf" target="_blank">2011 NACA Program Award List</a></li><li> <a href="/Documents/2011%20NACA%20Awards%20Highlights.pdf" target="_blank">2011 NACA Program Highlights</a></li><li> <a href="/Documents/2011%20NACA%20Awards%20Profiles.pdf" target="_blank">2011 NACA Program Awardee Profiles</a></li><li> <a href="/Documents/2011%20NACA%20Awards%20Book.pdf" target="_blank">2011 NACA Program Award Booklet</a> </li></ul><p>For more information on the NACA Program, please visit <a href="http://cdfifund.gov/">www.cdfifund.gov</a>. </p>2011-08-24T04:00:00ZPress Releases72
Demand Up 26 Percent for New Markets Tax Creditshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=119Demand Up 26 Percent for New Markets Tax Credits<p><i>314 Applications Received Requesting $26.7 Billion</i></p><p class="body"> <b>Washington, DC</b> - The U.S. Treasury Department's Community Development Financial Institutions Fund (CDFI Fund) announced today that it received a total of 314 applications under the 2011 round of the New Markets Tax Credit Program (NMTC Program). This is the largest number of NMTC Program applications the CDFI Fund has received from Community Development Entities (CDEs) since 2002, the first year the program was available, and reflects an increase of 26 percent over the number of applications received for the 2010 round. </p><p class="body"> In addition, the aggregate total of $26,662,579,721 in NMTC allocation authority requested by the applicants for calendar year 2011 is an increase of 14 percent over the amount requested last year, and over seven times more than the $3.5 billion of NMTC allocation authority available under the 2011 allocation round. The CDEs that applied under the 2011 round are headquartered in 44 states and the District of Columbia. </p><p class="body"> “The strong, continuous demand for New Markets Tax Credits allocation authority demonstrates the critical need for investments in our nation’s low-income communities,” said CDFI Fund Director Donna J. Gambrell. “The New Markets Tax Credit is an effective – and cost-effective – way to create jobs and drive investment in communities with high rates of poverty and unemployment.” </p><p class="body"> With many of these communities still trying to get back on their feet after the recent economic downturn, Director Gambrell said that “it isn’t surprising that we have such a high demand for New Markets Tax Credits. The economic development industry has long known how valuable a tool these tax credits are for bringing together the final layer of financing for essential economic development and community service projects.” </p><p class="body"> The NMTC Program was established by Congress in December of 2000 and permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in CDEs. The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. Substantially all of the taxpayer's investment must in turn be used by the CDE to make qualified investments in low-income communities. Successful applicants are selected only after a competitive application and rigorous review process that is administered by the CDFI Fund. </p><p class="body"> The application deadline was July 27, 2011. The CDFI Fund anticipates announcing the organizations that will receive New Markets Tax Credit allocations in early 2012. </p><p class="body"> Through the first eight rounds of the NMTC Program, the CDFI Fund has made 594 awards totaling $29.5 billion in tax credit allocation authority. The NMTC Program was recently selected as a Top 25 government program in the competition for the prestigious Innovations in American Government Award administered by the Harvard Kennedy School’s Ash Center. </p><p class="body"> Additional information can be found on the CDFI Fund’s web site at <a href="/">www.cdfifund.gov</a>. </p> 2011-08-04T04:00:00ZUpdates119
US Treasury Awards $142.3 Million to Benefit Organizations Serving Economically Distressed Communities Nationwidehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=71US Treasury Awards $142.3 Million to Benefit Organizations Serving Economically Distressed Communities Nationwide<p> <strong>Chicago, IL</strong> – Director Donna J. Gambrell of the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) traveled to Chicago to join U.S. Senator Dick Durbin and U.S Representative Danny Davis to announce awards totaling $142,302,667 for 155 Community Development Financial Institutions (CDFIs) serving economically distressed communities across the nation. The organizations awarded are headquartered in 40 states and the District of Columbia.</p><p class="body">The awards are being made through the fiscal year 2011 round of the CDFI Fund’s cornerstone program, the Community Development Financial Institutions Program (CDFI Program), and represent the largest single round of monetary awards in the CDFI Fund’s history. The awards will help these specialized, community-based financial institutions spur local economic growth and recovery, as well as expand access to affordable financial products and services.</p><p>"Every community deserves to have access to basic financial products and services, from bank accounts to affordable home and car loans. The CDFI Program provides access to rural and urban communities across the country by investing in local financial institutions that serve these communities," said Deputy Treasury Secretary Neal Wolin. "Today’s awards will provide much-needed capital to help community-based financial institutions offer products and services that would otherwise be out of reach for thousands of low-income Americans."</p><p>"Given the many economic hardships currently experienced in many low-income communities across the country, I am pleased to see this historic investment and commitments from the Obama administration in leading new investments in small business, especially in Chicago to rebuild our communities," said Representative Danny Davis.</p><p class="body">Treasury held the national award announcement at the Fulton-Carroll Center – a 410,000-square foot small business incubator on the Near West side of Chicago to highlight how CDFIs can play a critical role supporting local entrepeneurs and small businesses spur job creation and economic growth in economically distressed communities across the country. This small business incubator houses almost 120 tenants and was recognized internationally with the “Incubator of the Year” award in 2006 by the National Business Incubation Association.</p><p>The awardees were selected after a competitive review of 393 applications received by the CDFI Fund from organizations across the nation that requested, in total, nearly $466 million in funding under the FY 2011 round of the CDFI Program. </p><ul class="bullet"><li> <a href="/Documents/2011%20CDFI%20Award%20Book.pdf" target="_blank">2011 CDFI Program Award Booklet </a></li><li> <a href="/Documents/2011%20CDFI%20Award%20List.pdf" target="_blank">2011 CDFI Program Award List </a></li><li> <a href="/Documents/2011%20CDFI%20Awardee%20Profiles.pdf" target="_blank">2011 CDFI Program Awardee Profiles </a></li><li> <a href="/Documents/2011%20CDFI%20Award%20Highlights.pdf" target="_blank">2011 CDFI Program Highlights</a><br><br></li></ul><p> <strong> <em>About the Community Development Financial Institutions Program (CDFI Program)</em></strong><br><em> 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. With the announcement of these awards, the CDFI Fund has awarded just over $1 billion through the CDFI Program since the CDFI Fund was created in 1994. </em> </p><p> For more information on the CDFI Program, please visit <a href="http://cdfifund.gov/">www.cdfifund.gov</a>. </p>2011-07-18T04:00:00ZPress Releases71
Proposed Changes Announced to New Markets Tax Credit Program to Promote Greater Investment in Operating Businesseshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=70Proposed Changes Announced to New Markets Tax Credit Program to Promote Greater Investment in Operating Businesses<p>​In an effort to promote greater investment in non-real estate businesses located in low-income communities through the New Markets Tax Credit Program (NMTC Program), the Internal Revenue Service (IRS) is publishing a notice of proposed rulemaking in the Federal Register tomorrow, June 7, 2011. A public hearing on the proposed regulations will be held September 29, 2011.</p><p>Comments on the notice of proposed rulemaking must be received by September 8, 2011.</p><p>In addition, the IRS will also publish tomorrow an advance notice of proposed rulemaking, inviting the public to comment on other potential changes to the NMTC Program to support greater investment in non-real estate operating businesses. Potential changes to the tax credit include revising reinvestment requirements for entities investing in operating businesses, streamlining compliance requirements, and modifying ownership rules to reduce noncompliance risk over the course of an investment, among others.</p><p>Comments on the advance notice of proposed rulemaking must be received by September 6, 2011.</p><p>These proposed changes to the NMTC Program are an outgrowth of efforts began by the Treasury Department last year with the convening of a round table discussion. At the round table, several NMTC Program recipients discussed needed enhancements to spur job creation and economic revitalization in low-income communities.<br><br>Links:<br><br>Treasury/IRS Press Release<br><a href="/Documents/Notice%20of%20proposed%20rulemaking_IRS_NMTC_2011-13978_060711.pdf">Notice of proposed rulemaking and notice of public hearing</a><br><a href="/Documents/Advance%20Notice_IRS_NMTC_2011-13981_060711.pdf">Advance notice of proposed rulemaking</a></p>2011-06-06T04:00:00ZPress Releases70

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