CDFI PROGRAM AWARD BOOK - Community …

[Pages:9]U.S. D

ions Fund

SURY

Communi

EPARTMENT of the TREA

ty Development Financial Institut

CDFI PROGRAM

AWARD BOOK

FY 2016

W W W.

The CDFI Fund is an equal oppourtunity provider.

COMMUNIT Y

DEVELOPMENT

FINANCIAL INSTITUTIONS

PROGRAM

Access to affordable financial products and services is a staple of economically sound communities. Yet at least one quarter of American households do not have bank accounts or rely on costly payday lenders and check-cashing outlets. In recent years, the lack of access to capital investments for small businesses and other critical community development projects has also led to increased need for alternative and reliable sources of financing.

Mission-driven organizations called Community Development Financial Institutions?or CDFIs?fill these gaps by offering affordable financial products and services that meet the unique needs of economically underserved communities. Through awards and trainings, the Community Development Financial Institutions Program (CDFI Program) invests in and builds the capacity of CDFIs, empowering them to grow, achieve organizational sustainability, and contribute to the revitalization of their communities.

"Today's awards...underscore the transformative impact CDFIs are having in low-income, distressed, and underserved communities and areas of persistent poverty. In businesses financed, real estate developed, affordable housing constructed and improved access to the financial system, CDFIs are empowering change and revitalization in their communities."

CDFI FUND DIRECTOR ANNIE DONOVAN

CDFI PROGRAM AWARD BOOK

THE CDFI PROGRAM PROVIDES BOTH FINANCIAL ASSISTANCE AND TECHNICAL ASSISTANCE AWARDS:

Financial Assistance (FA) awards of up to $2 million allow CDFIs to sustain and expand their financial products and services. CDFIs that qualify for FA funding must match this award with funds from a non-federal source. FA awards can be used for lending capital, loan loss reserves, capital reserves, financial services, and development services.

Technical Assistance (TA) awards of up to $125,000 are used for capacity development that is integral to CDFIs' organizational sustainability and success. CDFIs often use these awards to: purchase equipment; hire consulting or contracting services; pay salaries and benefits; or train staff or board members.

The CDFI Program also administers the Healthy Food Financing Initiative Financial Assistance (HFFI-FA) awards. The initiative serves as a supplemental funding opportunity under the CDFI Program and Native American CDFI Assistance Program for eligible CDFIs that expressed an interest in expanding their healthy food-focused financing activities and had received FA awards.

CDFI PROGRAM HISTORY:

? S ince its creation in 1994, the CDFI Fund has awarded over $1.7 billion in FA and TA awards through the CDFI Program.

? T hrough HFFI-FA, the CDFI Fund has provided over $120 million in awards to CDFIs improving the access to healthy food options in low-income communities.

IMPACT OF CDFI PROGRAM:

In FY 2015, CDFI Program awardees reported originating loans or investments totaling nearly $3.4 billion, based on their portfolio of activities in 2014.

Those awardees also reported 25,353 affordable housing units, and provided financial literacy counseling and other training opportunities to 350,811 individuals.

KEY STATISTICS OF AWARDEES (FA AND TA AWARDS COMBINED):

158 ORGANIZATIONS RECEIVED $148,157,493 IN AWARDS.

123 FA AND 35 TA AWARDS WERE MADE.

128 LOAN FUNDS, 22 CREDIT UNIONS, 7 DEPOSITORY INSTITUTIONS/ HOLDING COMPANIES, AND 1 VENTURE CAPITAL FUND WERE AWARDED.

THE ORGANIZATIONS AWARDED WERE HEADQUARTERED IN 44 STATES AND THE DISTRICT OF COLUMBIA.

CDFI PROGRAM AWARD BOOK

FA AWARD HIGHLIGHTS

FY 2016 FA AWARDEES BY PRIMARY GEOGRAPHIC MARKETS:

Major Urban

46

Minor Urban

21

Rural

56

TA AWARD HIGHLIGHTS

FY 2015 TA AWARDEES BY PRIMARY GEOGRAPHIC MARKETS:

Major Urban

23

Minor Urban

5

Rural

7

FY 2016 FINANCIAL ASSISTANCE AWARDS FIRST TIME AWARDEES

INSTITUTION TYPE

Credit Unions

Loan Funds

Depository Institutions/Holding Companies

# AWARDED 12 12

3

$ AWARDED $18,889,500 $8,725,000

$3,400,000

FY 2016 FINANCIAL ASSISTANCE AWARDS ACTIVITY CATEGORIES

ACTIVITY TYPE Financial Products Loan Loss Reserves Capital Reserves Development Services Financial Services

$ AWARDED $100,098,901 $26,785,420 $10,114,286 $5,898,886 $1,128,000

% OF TOTAL 70% 19% 7% 4% 1%

FY 2016 TECHNICAL ASSISTANCE AWARDS FIRST TIME AWARDEES

INSTITUTION TYPE

Loan Funds

Credit Unions

Depository Institutions/Holding Companies

# AWARDED 24 1

1

$ AWARDED $2,895,539 $124,905

$125,000

FY 2016 TECHNICAL ASSISTANCE AWARDS ACTIVITY CATEGORIES

ACTIVITY TYPE Personnel Compensation Salary & Fringe Benefits Professional Services

Equipment

Travel Training

Supplies

$ AMOUNT

$2,813,534

$807,285 $191,501 $127,372 $101,988 $90,320

% OF TOTAL

68%

20% 5% 3% 2% 2%

LIST OF AWARD RECIPIENTS

F Y 2016 FA AND TA AWARD RECIPIENTS

AWARDEE NAME

Access to Capital for Entrepreneurs ACCION East, Inc. ACCION New Mexico ACCION San Diego Affordable Homes of South Texas, Inc. ANDP Loan Fund Appalachian Community Capital Corporation BancPlus Corporation Blueprint Investment Fund Boston Community Loan Fund Brazos Valley CDC, Inc. Brooklyn Alliance, Inc. Build Fund, LLC Building Hope...A Charter School Facilities Fund CAHEC Capital Inc California FarmLink Capital Bancorp, Inc. Capital Impact Partners Carter Federal Credit Union Center for Community Development for New Americans, Inc. Central County Community Development Corporation CheckSpring Community Corporation Chicago Community Loan Fund Cincinnati Development Fund, Inc. Cinnaire Lending Corporation Citizens National Banc Corp. Coastal Enterprises, Inc. Colorado Enterprise Fund Colorado Housing Enterprises, LLC

CITY

Cleveland New York Albuquerque San Diego McAllen Atlanta

Christiansburg

Ridgeland New Orleans

Boston Bryan Brooklyn Indianapolis

Washington

Raleigh Santa Cruz

Delhi Arlington Springhill

New York

Fort Lauderdale

Bronx Chicago Cinncinnati Chicago Meridian Brunswick Denver Westminster

STATE

GA NY NM CA TX GA

VA

MS LA MA TX NY IN

DC

NC CA LA VA LA

NY

FL

NY IL OH IL MS ME CO CO

TYPE TOTAL AWARD

CORE CORE CORE CORE CORE SECA

$1,000,000 $1,750,000 $2,000,000 $1,000,000 $500,000 $350,000

SECA

$500,000

CORE TA

CORE SECA

TA TA

$2,000,000 $124,850 $1,750,000 $325,000 $125,000 $125,000

CORE

$1,750,000

TA SECA SECA CORE CORE

$78,475 $500,000 $700,000 $2,000,000 $1,650,000

SECA

$700,000

TA

SECA CORE CORE CORE CORE CORE CORE CORE

$88,300

$700,000 $1,750,000 $2,000,000 $1,000,000 $2,000,000 $1,750,000 $1,750,000 $1,250,000

CDFI PROGRAM AWARD BOOK

AWARDEE NAME

Community Capital Works (Philadelphia Development Partnership) Community Development Fund of Utah Community Frameworks Community LendingWorks Community Loan Fund of New Jersey, Inc. Community Loan Fund of the Capital Region, Inc. Community Reinvestment Fund, Inc Community Ventures Corporation, Inc. CommunityWorks Connecticut Housing Investment Fund, Inc. Craft3 Dakota Resources Dayton Region New Market Fund LLC District Government Employees Federal Credit Union Economic and Community Development Institute (ECDI) Economic Opportunities Fund Enterprise Center Capital Corporation, The Federation of Appalachian Housing Enterprises, Inc. Feed the Hunger Foundation Florida Community Loan Fund, Inc. Frankenmuth Credit Union Freedom First Federal Credit Union Genesis Fund, Inc. Genesis LA Economic Growth Corporation Georgia Cities Foundation Grameen America, Inc. Great Lakes Womens Business Council Greater Minnesota Housing Fund Grow South Dakota Guadalupe Credit Union

CITY

Philadelphia

Salt Lake City Spokane

Springfield New Brunswick

Albany Minneapolis

Lexington Greenville Hartford

Ilwaco Renner Dayton Washington

Columbus Philadelphia Philadelphia

Berea San Francisco

Orlando Frankenmuth

Roanoke Brunswick Los Angeles

Atlanta New York

Livonia St. Paul Sisseton Santa Fe

STATE

PA

UT WA OR NJ

NY MN KY SC CT WA SD OH DC

OH PA PA

KY CA FL MI VA ME CA GA NY MI MN SD NM

TYPE TOTAL AWARD

TA

$124,260

SECA TA

SECA CORE

CORE CORE CORE CORE CORE CORE CORE

TA CORE

CORE SECA SECA

CORE TA

CORE CORE CORE CORE CORE CORE CORE

TA CORE CORE CORE

$350,000 $125,000 $500,000 $1,347,000

$1,750,000 $1,400,000 $2,000,000 $700,000 $1,400,000 $750,000 $1,500,000 $125,000 $1,373,250

$1,500,000 $350,000 $200,000

$750,000 $122,575 $2,000,000 $1,400,000 $2,000,000 $475,000 $1,500,000 $1,500,000 $1,750,000 $125,000 $500,000 $1,000,000 $2,000,000

AWARDEE NAME

Guardians Credit Union

Habitat for Humanity of Iowa Harlem Entrepreneurial Fund, LLC Homes Are Possible Inc. HomeSight Hope Enterprise Corporation Horizon Credit Union Housing Development Fund, Inc. Housing Partnership Fund, Inc., The IFF Impact Loan Fund, Inc. Impact Seven, Inc. Jefferson Financial Credit Union

Kinecta Federal Credit Union

La Plata Homes Fund, Inc. Latino Economic Development Center Latino Economic Development Corporation (LEDC) LiftFund, Inc. Lincoln Opportunity Fund, LLC Local Enterprise Assistance Fund Local Initiatives Support Corporation Louisville Housing Opportunities and Micro-Enterprise Community Development Loan Fund Low Income Investment Fund Lowell Community Loan Fund MaineStream Finance MECU of Baltimore Inc. Metropolitan Economic Development Association Miami Bayside Foundation Inc. Mission Economic Development Agency Mountain Association for Community Economic Development, Inc. Mountain BizCapital, Inc. d/b/a Mountain BizWorks MS Gulf Coast Renaissance Corporation

CITY West Palm

Beach Pleasant Hill

New York Aberdeen

Seattle Jackson Macon Stamford Boston Chicago Philadelphia Almena Metairie Manhattan Beach Durango

Minneapolis

Washington

San Antonio Madison Brookline New York

Louisville

San Francisco Lowell Bangor

Baltimore

Minneapolis

Miami

San Francisco

Berea

Asheville

Gulfport

CDFI PROGRAM AWARD BOOK

STATE

FL IA NY SD WA MS MO CT MA IL PA WI LA CA CO MN

DC TX WI MA NY

KY

CA MA ME MD MN FL CA

KY

NC

MS

TYPE TOTAL AWARD

CORE

SECA TA TA

CORE CORE CORE CORE CORE CORE SECA CORE CORE

CORE

SECA

SECA

$1,483,000

$200,000 $124,358 $125,000 $2,000,000 $900,000 $1,605,000 $1,400,000 $750,000 $1,650,000 $150,000 $1,400,000 $1,650,000

$2,000,000

$700,000

$500,000

SECA

CORE SECA SECA CORE

$500,000

$1,347,000 $400,000 $600,000 $1,000,000

TA

$124,829

CORE SECA CORE CORE

CORE

TA

TA

$1,347,000 $700,000 $500,000 $2,000,000

$1,500,000

$125,000

$125,000

CORE

$500,000

CORE

$900,000

CORE

$1,150,000

AWARDEE NAME

National Association for Latino Community Asset Builders National Community Investment Fund National Council on Agricultural Life and Labor Research Fund, Inc. National Federation of Community Development Credit Unions Natural Capital Investment Fund, Inc. Nebraska Enterprise Fund NeDA Centro de Finanzas Neighborhood Housing Finance Neighborhood Housing Services of Greater Berks, Inc. Neighborhood Housing Services of South Florida, Inc. Neighborhood Lending Services, Inc. Neighborhood National Bank NEWCORP Business Assistance Center NHS Lending, Inc. NHS Neighborhood Lending Services Nonprofit Finance Fund Nonprofits Assistance Fund North Side Community Federal Credit Union Northeast South Dakota Economic Corporation (NESDEC) Northern California Community Loan Fund Northern Great Lakes Initiatives Northern Maine Development Commission Nueva Esperanza Community Credit Union Ohio Capital Finance Corporation Opportunity Resource Fund PACE Finance Corporation Prestamos, CDFI, LLC Primary Care Development Corporation Progress Fund, The Red River Mill Employees FCU Redbud Financial Alternatives, Inc.

CITY

San Antonio

Chicago

Dover

New York Shepherdstown

Oakland St. Paul Quincy Reading

Miami Chicago San Diego New Orleans

Boise Los Angeles

New York Minneapolis

Chicago

Sisseton

San Francisco Marquette Caribou

Toledo Columbus Lansing Los Angeles Phoenix New York Greensburg Natchitoches

Hazard

STATE

TX

IL

DE

NY WV NE MN MA PA

FL IL CA LA ID CA NY MN IL

SD

CA MI ME

OH OH MI CA AZ NY PA LA KY

TYPE TOTAL AWARD

TA

$121,842

CORE

$1,000,000

CORE

$1,750,000

CORE

CORE CORE

TA SECA

TA

$500,000

$2,000,000 $900,000 $125,000 $200,000

$112,300

TA

CORE TA

CORE

SECA CORE CORE CORE

TA

$124,090

$1,150,000 $125,000

$750,000

$500,000 $1,750,000 $1,000,000 $1,750,000

$124,905

CORE

$842,584

CORE TA TA

$2,000,000 $123,975 $124,544

TA

CORE CORE SECA CORE

CORE

CORE SECA

TA

$56,607

$500,000 $1,400,000 $500,000 $1,500,000

$1,750,000

$1,347,000 $500,000 $125,000

AWARDEE NAME

Reinvestment Fund, Inc., The REV Birmingham, Inc. Rising Tide Community Loan Fund Rockingham Economic Development Corp Royal Credit Union Rural Community Assistance Corporation Rutland West Neighborhood Housing Services, Inc. Self-Help Federal Credit Union Small Business Assistance Corporation SNAP Financial Access South Eastern Economic Development Corporation Southeast Arkansas Bank Corporation Southeast Community Capital Corporation DBA Pathway Lending Southeast Florida Community Development Fund, Inc. Southern Bancorp Capital Partners Start Community Bank Suncoast Credit Union Sustainable Communities Fund Tallahassee Leon Federal Credit Union The Capital Good Fund The Focus Federal Credit Union The IRCs Center for Economic Opportunity, Inc. (CEO) The Real Estate Council Community Fund The Working World Trailhead Federal Credit Union Travis Credit Union TruFund Financial Services, Inc. Unified Homeowners of Illinois FCU Union County Economic Development Corporation US Community Credit Union Valley Economic Development Center

CITY Philadelphia Birmingham Bethlehem

Raymond Eau Claire

West Sacramento

Rutland Durham Savannah Spokane Taunton

Lake Village

Nashville

Hollywood Little Rock New Haven

Tampa Los Angeles Tallahassee Providence Oklahoma City

New York

Dallas New York Portland Vacaville New York Chicago Cranford Nashville Van Nuys

STATE PA AL PA NH WI CA

VT NC GA WA MA

AR

TN

FL AR CT FL CA FL RI OK NY

TX NY OR CA NY IL NJ TN CA

TYPE TOTAL AWARD

CORE TA TA

$2,000,000 $125,000 $70,095

CORE

$1,000,000

CORE

$2,000,000

CORE

$1,500,000

CORE CORE CORE SECA CORE

$500,000 $1,347,000 $1,000,000 $700,000 $1,398,409

SECA

$700,000

CORE

$750,000

TA

CORE SECA CORE

TA

CORE

TA CORE

SECA

$111,000

$2,000,000 $700,000 $1,400,000 $125,000

$1,768,250

$124,996 $2,000,000

$100,000

TA

TA CORE CORE CORE

TA

CORE

CORE CORE

$125,000

$125,000 $1,120,000 $2,000,000 $500,000 $125,000

$1,400,000

$2,000,000 $500,000

CDFI PROGRAM AWARD BOOK

AWARDEE NAME

Ventana Fund Vermont Community Loan Fund, Inc. VSJF Flexible Capital Fund L3C West Central Development Corporation Westminster Economic Development Initiative, Inc.

CITY Albuquerque Montpelier Montpelier

Lima

Buffalo

STATE NM VT VT OH

NY

TYPE TOTAL AWARD

SECA CORE SECA

$600,000 $1,250,000 $700,000

TA

$124,999

TA

$125,000

F Y 2016 HEALTHY FOOD FINANCING INITIATIVE FA AWARD RECIPIENTS

AWARDEE NAME

CITY

Boston Community Loan Fund Capital Impact Partners Colorado Enterprise Fund Frankenmuth Credit Union IFF Local Initiatives Support Corporation Low Income Investment Fund Northern California Community Loan Fund Reinvestment Fund, Inc., The

Boston Arlington Denver Frankenmuth Chicago New York San Francisco San Francisco Philadelphia

STATE

MA VA CO MI IL NY CA CA PA

TYPE

HFFI-FA HFFI-FA HFFI-FA HFFI-FA HFFI-FA HFFI-FA HFFI-FA HFFI-FA HFFI-FA

TOTAL AWARD

$2,000,000 $2,400,000 $650,000 $2,000,000 $3,000,000 $3,000,000 $3,000,000 $3,000,000 $3,000,000

CDFI PROGRAM AWARD BOOK

THE AWARDEES ARE HEADQUARTERED IN 44 STATES AND THE DISTRICT OF COLUMBIA (NUMBER OF AWARDEES)

ARKANSAS (2) ARIZONA (1) ALABAMA (1) CALIFORNIA (15) COLORADO (3) CONNECTICUT (3) DISTRICT OF COLUMBIA (3) FLORIDA (8) GEORGIA (4) IDAHO (1) ILLINOIS (7) INDIANA (1) IOWA (1) KENTUCKY (3) LOUISIANA (6) MASSACHUSETTS (6) MARYLAND (1) MAINE (4) MICHIGAN (4) MINNESOTA (6) MISSOURI (1)

MISSISSIPPI (4) NEBRASKA (1) NEW HAMPSHIRE (1) NEW JERSEY (2) NEW MEXICO (3) NEW YORK (15) NORTH CAROLINA (3) OHIO (6) OREGON (2) PENNSYLVANIA (8) RHODE ISLAND (1) SOUTH CAROLINA (1) SOUTH DAKOTA (4) TENNESSEE (2) TEXAS (5) UTAH (1) VIRGINIA (3) VERMONT (3) WASHINGTON (4) WISCONSIN (3) WEST VIRGINIA (1)

KEY HIGHLIGHTS:

APPLICANTS VS AWARDEES

For the fiscal year (FY) 2016 funding round of the CDFI Program, the CDFI Fund received applications from 423 organizations of which 421 were deemed eligible to advance to the review process. Those 421 eligible organizations requested more than $554 million in Financial Assistance (FA) and Technical Assistance (TA) awards. The CDFI Fund made 158 awards totaling more than $148 million to organizations in 44 states and the District of Columbia.

289 Core applicants requested $499,629,533 and 94 were awarded $129,900,493 (26% of the requested amount); 72 SECA applicants requested $47,487,672 and 29 were awarded $14,125,00 (30% of the requested amount.)

For the FY 2016 funding round of the CDFI Program, the CDFI Fund received Technical Assistance applications from 62 organizations of which 60 were deemed eligible to advance to the review process. Those 60 eligible organizations requested more than $6.8 million in TA awards. 35 organizations were awarded $4,132,000.

KEY STATISTICS OF FY 2016 FINANCIAL ASSISTANCE AWARDEES

? Total number of awards123 CDFIs received awards

? Total amount awarded- $144,025,493

? Type of organizations receiving awards ? Loan funds-97 ? Credit unions-19 ? Depository institutions/holding companies-6 ? Venture capital funds-1

? Type of award ? Core-94 awards ? Small and/or Emerging CDFI (SECA)29 awards

KEY STATISTICS OF FY 2016 TECHNICAL ASSISTANCE AWARDEES

? Total number of awards35 organizations received awards

? Total amount awarded-$4,132,000

? Type of organizations receiving awards ? Loan funds- 31 ? Credit unions- 3 ? Depository institutions/holding companies- 1

LOANS AS MATCHING FUNDS

The CDFI Fund matches all elgible loans provided as non-Federal matching funds with a standard loan product under the FA component. The standard loan product is a fixed-rate, 13-year loan with interest-only payments in years one through ten, providing essential low-cost, long-term capital to CDFIs. And with a low subsidy rate of 12 percent, the CDFI Program is helping the federal government to stretch its resources even further.

FA CORE Awardees: Grants vs. Loan Awards

Total Loans

$1,326,048

1%

Total Grants

$142,699,445

99%

CDFI PROGRAM AWARD BOOK

The CDFI Fund received applications from 33 eligible organizations requesting $101,675,000 in Healthy Food Financing Initiative Financial Assistance (HFFI-FA).

KEY STATISTICS OF FY 2016 HFFI-FA AWARDEES:

? 9 organizations received $22,050,000 in awards. ? Awardees consisted of 8 loan funds and 1 credit union. ? 8 awardees primarily serve major urban markets and 1 primarily

serves minor urban markets.

HFFI-FA awardees use the funds to enhance their capacity to make investments in a range of retail and non-retail healthy food projects serving low income communities, including food production, grocery stores, mobile food retailers, farmers markets, cooperatives, corner stores, bodegas, and others.

THE FY 2016 HFFI-FA AWARDEES ARE HEADQUARTERED IN 8 STATES:

? California ? Colorado ? Illinois ? Massachusetts ? Michigan ? New York ? Pennsylvania ? Virginia

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download