CDFI Success Stories

For over 20 years, CDFIs have been making financial services accessible to underserved communities and populations across the country. Among their many achievements, CDFIs have financed improved access to affordable housing, critical community facilities, and schools. They have financed small and growing businesses. Through their efforts, millions of dollars have been leveraged for investment in communities often left out of the economic mainstream, creating jobs and opportunities. Below are some of their stories. You can also view success stories by state.

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“Built in Bremerton” program helps eliminate foreclosed and vacant, single-family homes

Bremerton,
Washington

Community Housing Capital
Affordable Housing, Loan Fund

Community Frameworks initiated the “Built in Bremerton” program to help eliminate foreclosed, vacant, and distressed single-family homes in Bremerton, Washington. Through this acquisition-rehab sweat equity program, they have completed the rehabilitation and sale of 21, affordable, energy-efficient homes since 2013. Eleven of the homes were financed by Community Housing Capital (CHC) with a revolving $1 million line of credit.

“Bouncing Forward” from Disasters on Hawaiʻi’s Big Island

Big Island,
Hawaii

Hawaii Community Lending Inc
Disaster Recovery, Volcanoes

Following the 2018 Kīlauea eruption, Hawaiʻi Community Lending developed an emergency lending program offering unsecured loans of up to $50,000 at 4% fixed interest.

$1 million in updates to Rolla multi-family property will be ‘truly transformational’

Rolla,
North Dakota

CommunityWorks North Dakota
Affordable Housing, Loan Fund

The project is having a positive ripple effect in Rolla, a 1,200 resident community located in Rolette County, which is the third poorest county in North Dakota.

$1 million on the street:’ With UofM grant, River City Capital helps businesses in underserved areas

Memphis,
Tennessee

River City Capital Investment Corporation
Loan Fund, Small Business

Franklin is one of many Memphis business owners who have received a loan from RCC, the local Community Development Financial Institution (CDFI) that’s an affiliate of Community Lift and certified by the U.S. Department of Treasury. Founded in 2011, RCC focuses on providing low-interest loans to businesses in underserved neighborhoods throughout the Mid-South — its average loan size is about $50,000. And the organization has made some recent moves to further fuel its growth.

$15 MM Construction Loan & $3.3 MM Permanent Loan Creates the 86-unit Valley View Apartments in San Luis, Arizona

San Luis,
Arizona

Community Housing Capital
Affordable Housing, Loan Fund

Community Housing Capital (CHC) has provided Comite de Bien Estar (Comite) over $55 million in lending capital since 2009, including $27 million in Single-Family lending and $28 million for predevelopment, land acquisition, multi-family construction, and permanent lending. In its most recent project with Comite - the Valley View Apartments, CHC has been Comite's lending partner from the project's inception.

$6.3 Million Helps Create Workforce Housing in the Aftermath of Hurricane Irma

Big Pine Key,
Florida

Community Housing Capital
Hurricane Irma, Restoring Housing, Rural

Hurricane Irma struck the Florida Keys on September 10, 2017, and left this chain of islands with 1,200 homes destroyed and an additional 3,000 homes significantly damaged. As part of the recovery effort, Rural Neighborhoods (RN) will create three new neighborhoods in Big Pine Key, Monroe County, Florida. Community Housing Capital (CHC) provided $6.3 million for construction and permanent loans to the three phases of the project, Seahorse Cottages at Big Pine Key, Seahorse Cottages II at Big Pine Key, and Avenues at Big Pine Key. Constructed to State required hurricane-resistant standards, the workforce housing will have 31 elevated single-story modular homes on podiums. The affordable rentals are reserved for tenants earning 80% area median income (AMI) and extremely low-income tenants earning up to 25% AMI.

1032 East Avenue

Erie,
Pennsylvania

Bridgeway Capital
Affordable Housing, Technical Assistance

Bridgeway Capital provided construction and renovation financing to BUILD CDC to complete the rehabilitation of a longstanding Erie Eastside building. The project created three affordable apartments and a ground-floor commercial space while also serving as an on-the-job construction training site.

1032 East Avenue

Erie,
Pennsylvania

Bridgeway Capital
Affordable Housing

BUILD CDC renovated a blighted East Avenue property into three affordable apartments and a commercial storefront with financing from Bridgeway Capital. The redevelopment also provided hands-on construction training and housing support for residents transitioning from domestic violence situations.

12 Graduate from St. Cloud Enterprise Academy

St. Cloud,
Minnesota

The Initiative Foundation
Technical Assistance

The Initiative Foundation is celebrating the graduation of 12 entrepreneurs who are dedicated to building their homegrown business ideas in the St. Cloud area.

124th and Ash LP

Portland,
Oregon

Network for Oregon Affordable Housing
Affordable Housing

124th and Ash Limited Partnership funding provides the permanent financing for the Wy’east Apartments, new construction completed in December 2020 that was financed with 4% Low Income Housing Tax Credits and Oregon Affordable Housing Tax Credits. The Wy’east Apartments is one building containing 175 units catering to individuals and families in East Portland. Unit configuration includes 79 Studios, 81 1BR , and 15 2BR units.

12th Ave Arts

Seattle,
New York

Grow America Fund
Loan Fund

Capitol Hill is the most densely populated neighborhood in the Northwest, and it remains a rapidly growing population center. Recent years have brought dramatic gentrification to Capitol Hill, with massive development of high-end condominiums replacing older apartments and single family homes and leaving low-income residents with few housing options. Affordable office space and arts space is also becoming increasingly rare.

1331 Studios

Nemacolin,
Pennsylvania

Bridgeway Capital
Rural Development, Small Business, Technical Assistance

Artist Danielle Nyland worked with Bridgeway Capital’s Alliance for Creative Rural Economies to turn her Greene County creative practice into a sustainable full-time business. Coaching helped her improve pricing, track event performance, strengthen marketing and search visibility, and plan for a future gallery, workshop, and retail space.

140 New Construction Senior Apts. serving 30%-80% AMI

Charlotte,
North Carolina

Community Housing Capital
Affordable Housing, Loan Fund

DreamKey Partners, a leading nonprofit developer of affordable housing in Charlotte, North Carolina, has used $1,846,520 of its $13 million line of credit from Community Housing Capital to acquire a 6.3-acre site that will become the Johnston Oehler Senior Apartments. With low-income households currently priced out of Charlotte’s increasingly expensive rental market, the new construction project will create 140 apartments for seniors with household incomes from 30% to 80% area median income. The high-quality, new construction housing will offer an active lifestyle for the residents and a full-time professional property management staff that will serve onsite.

150 River Street Village

Mattapan,
Massachusetts

Boston Impact Initiative
Affordable Housing

Boston Impact Initiative supported Caribbean Integration Community Development’s development of 150 River Street Village, a new affordable senior housing community in Mattapan. The project transformed a long-vacant site into 30 income-restricted apartments for older adults with accessible units, community space, outdoor areas, and services intended to support aging in place.

1880 Kimball

Manhattan,
Kansas

Central Bank of Kansas City, National Community Investment Fund
Mixed-Use

The project involves the construction of a 59,000 sq. ft. office building by the Kansas State University Foundation used for corporate incubator and research space in Manhattan, KS. The space includes shared conference rooms, collaborative technology, and event space for tenants along with a portion designated for restaurants.