Thank you to our partners at Inclusive and CDBA for sharing data on CDFI Bank and CDFI Credit Union branch locations. In addition, about 100 of our CDFI Stories come from OFN’s story database.
As a Community Development Financial Institution Homewise has utilized resources available through the CDFI Fund to help New Mexicans achieve their dream of homeownership. With dollars from the CDFI Fund Homewise has provided approximately $10.5 million in amortizing loans and another $6.9 million in down payment assistance to 656 households. Of these households, 60% were under 80% AMI.
The nonprofit community depends upon the work of CDFIs to help with investing in communities that are most in need. Whether that be affordable housing, community facilities, community health centers, and economic development, CDFIs can provide the capital that otherwise would not support such critical projects. Particularly important are the investments that CDFIs contribute to rural communities, and other under-invested areas, such as Appalachia. For decades, CDFIs in some of the most economically distressed regions of the country have been addressing the employment and housing, banking and infrastructure needs of local people and places. From the development of entrepreneurs who create jobs to the expansion of safe affordable housing; from increased access to financial services to more readily accessible drinking water and public infrastructure; CDFIs leverage the power of finance to import capital into communities and regions that otherwise suffer from disinvestment. Through these actions, CDFIs strengthen local economies, generate wealth that sticks, and foster agency and power among local people to determine their own destiny.
CDFIs provide access to capital for individuals who more traditional financial institutions would otherwise deny. The capital provided allows them to sustain or scale their business.
The programs of the CDFI Fund play a vital role in expanding our capacity to create economic opportunities for members in CA-18 and CA-19. Support from the CDFI Fund through awards and investments has enabled us to expand our micro lending platform and affordable housing opportunities with support from FA, RRP, and ERP awards.