CDFIs fill a vital need in Michigan by supporting community and economic development in under-served areas. Continuing to fund CDFIs will allow them to provide financial support for communities that would otherwise be left behind.
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.
CDFIs fill a vital need in Michigan by supporting community and economic development in under-served areas. Continuing to fund CDFIs will allow them to provide financial support for communities that would otherwise be left behind.
CDFIs fill a critical void in funding the development of affordable housing. They provide below market interest rates, have flexible terms, and can respond to critical funding needs with more flexibility than a traditional bank/credit union.
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.
CDFI funding to nonprofits for construction returns more money into the community through economic activity. It’s very important we keep providing this capital in Indiana.