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 create financing that banks won’t do. We have used CDFI funds for mobile home financing on older mobile homes. The portfolio has a 100% success rate with the funds coming back, revolving and helping another family with affordable housing option.
CDFI funds play a crucial role in supporting small businesses and individuals aspiring to become homeowners throughout South Dakota. These funds provide much-needed financial resources to communities, offering opportunities for growth and stability where traditional financial institutions may not reach. By supporting small businesses, CDFI funds foster economic development and job creation, helping to strengthen local economies. Additionally, they enable homebuyers to achieve their dreams of homeownership, promoting long-term community stability and wealth-building. Without the critical assistance from CDFI funds, many entrepreneurs and potential homeowners in South Dakota would face significant barriers to success.
CDFIs fill a real need for underserved and impoverished communities. The need for affordable housing is making living difficult for most Americans. CDFIs responsibly use federal and private funds. In NH, CDFIs are serving both construction and immediate home placement needs.
“Northern Nevada Community Housing (NNCH) develops, owns, and manages high-quality affordable housing coupled with supportive services for those most in need in our community,” said Jocelyn Kendall, assistant executive director, NNCH, to the Opportunity Finance Network. Below-market interest rate financing, such as the financing provided by NewWest [CDFI], allows NNCH to create and preserve this housing and provide support resources to our residents.”