The purpose of CDFI funds are critical to the communities to be able to support people and programs such as affordable housing and financial literacy to improve the wellbeing of the community.
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.
The purpose of CDFI funds are critical to the communities to be able to support people and programs such as affordable housing and financial literacy to improve the wellbeing of the community.
As a CDFI, we are able to provide loans and investments to borrowers for projects that improve the quality of life in our community’s low to moderate income census tracts. Frequently, these transactions are not supported by financial institutions directly under competitive terms and conditions that we as a CDFI can make.
I appreciate the aspect of the program that puts decision-making in the hands of non-governmental institutions. I think this facilitates efficient use of tax-payer dollars.
NeighborGood Partners became certified as a CDFI by the U.S. Treasury in 2004 and since then, the Loan Fund has lent a total of $180.4 million in 294 loans for affordable housing, community facilities, and neighborhood revitalization. The fund averages about 20 loans a year, with its staff of five managing over $30 million in assets, which represents a 3000% growth in assets since 2004.