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The Community Development Financial Institutions Fund (CDFI Fund) in the U.S. Department of the Treasury was authorized to administer the program. CDEs apply to the CDFI Fund each year for an "allocation authority" (the authority to raise a certain amount of capital, known as Qualified Equity Investments (QEIs), [5] from investors). In 2001 ...
As of September 1, 2005, there were 747 certified CDFIs in the U.S. The CDFI Fund offers a variety of financial programs to provide capital to CDFIs, such as the Financial Assistance Program, Technical Assistance Program, Bank Enterprise Award Program, and the New Markets Tax Credit Program. [2]
The Local Initiatives Support Corporation (LISC) is a US non-profit community development financial institution (CDFI) that supports community development initiatives across the country. It has offices in nearly 40 cities and works across 2,100 rural counties in 44 states. [2]
Capital Impact also facilitates financing deals that include New Markets Tax Credits and the Bond Guarantee Program awarded by the Department of Treasury through its Community Development Financial Institution Fund to promote access to capital and local economic growth in urban and rural low-income communities across the nation. [6] [65] [66] [67]
The CDFI Fund and the legal concept of CDFIs were established by the Riegle Community Development and Regulatory Improvement Act of 1994. Broadly speaking, a CDFI is defined as a financial institution that: has a primary mission of community development , serves a target market, is a financing entity, provides development services, remains ...
The fund has been led by executive director Calvin Holmes since 1998. [ 6 ] In 2009, CCLF was a recipient of the MacArthur Award for Creative and Effective Institutions, and will use its $500,000 award to enhance its current lending in low-income communities and encourage the incorporation of sustainable building technologies into community ...
Earnings. Earning at risk if rates decline? All $13,200 at the national average savings rate (0.57%) $75.24. Some, but relatively small. All $13,200 in new savings at 3%
The CDBG program was enacted in 1974 by President Gerald Ford through the Housing and Community Development Act of 1974 and took effect in January 1975. Most directly, the law was a response to the Nixon administration's 1973 funding moratorium on many Department of Housing and Urban Development (HUD) programs.