107:) or may be "unregulated" at the federal level, and subject only to the laws of the states in which they operate. There is no mandatory rating or ranking system imposed on all CDFIs which would allow investors or others to evaluate their performance, safety, or strength. However, since 2004 approximately 100 CDFI loan funds have received voluntary ratings of their financial strength and social impact performance by Aeris, an independent rating and information service. In 2015,
96:(NMTCs). NMTCs were created to induce equity investments in low-income communities. Traditionally, because of the NMTCs and the structure of the industry, investments in CDFIs were typically limited to larger financial institutions. Investment access to CDFIs appears to be on the rise, as CNote, a company that lets individuals invest their savings in CDFIs, recently received qualification from the
212:, and other North Carolina groups to form the Coalition for Responsible Lending and help enact one of the United States' first laws to curb predatory mortgage lending. In 2002, Self-Help founded the Center for Responsible Lending, a nonprofit, nonpartisan research and policy organization that recommends solutions to predatory lending abuses.
166:. Its holding company ShoreBank Corporation, still exists and promotes its community development mission through affiliates in Oregon and Washington state, and in Michigan’s Upper Peninsula. ShoreBank’s international consulting services have offices in Chicago, Washington, D.C., and London, and projects in 30 countries around the world.
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Nationwide, over 1,000 CDFIs serve economically distressed communities by providing credit, capital, and financial services that are often unavailable from mainstream financial institutions. CDFIs have loaned and invested billions of dollars in the most distressed communities in the United States,
143:
While there are numerous organizations certified as CDFIs by the CDFI Fund, it is believed that there are thousands of financial institutions serving the needs of low-income people or communities in the United States, that either have not applied for CDFI status or have otherwise not been able to
261:, formerly known as the Community Development Finance Association (CDFA). The UK government has provided various funding initiatives for CDFIs and credit unions, and Community Investment Tax Relief (somewhat similar to New Markets Tax Credit) is available on investments in accredited CDFIs.
162:, was founded in 1973. By 2007, it had over $ 2 billion in assets. ShoreBank had branches in Chicago’s South and West sides, Cleveland, and Detroit, but in August 2010 the bank was declared insolvent and its branches were taken over by
92:(CDEs). CDEs are also certified by the CDFI Fund at the U.S. Department of Treasury but have somewhat different qualifications. Many CDFIs have also been certified as CDEs. The primary purpose of CDEs is to utilize the
199:
program, which enables conventional lenders to make more home loans to low-wealth families. Self-Help also develops commercial and residential real estate and operates retail credit unions. In response to
81:. The Final Rule regarding the procedures and standards to be used by the Federal Home Loan Banks to evaluate applications for membership from CDFIs were published in the Federal Register
195:. Self-Help's home and business lending has provided low-wealth, minority, rural and female borrowers with over $ 5.24 billion in financing. Much of this is through Self-Help's national
703:
136:
In May 2010, the CDFI Fund had certified 862 CDFIs, 57 Native CDFIs (serving Native
Americans), and 4,230 CDEs, each of which may have multiple subsidiary investment funds.
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In fiscal year 2016, CDFI program awardees originated $ 3.6 billion in loans and investments to finance more than 13,000 businesses and 33,000 affordable housing units.
55:
698:
85:
in
January 2010. The Final Rule is to be implemented by the 11 Federal Home Loan Banks, each of which will evaluate membership applications independently.
70:, serves a target market, is a financing entity, provides development services, remains accountable to its community, and is a non-governmental entity.
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47:(CDCU), a community development loan fund (CDLF), a community development venture capital fund (CDVC), a microenterprise development loan fund, or a
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that provides credit and financial services to underserved markets and populations, primarily in the USA but also in the UK. A CDFI may be a
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While the CDFI Fund and its certifications are limited to the United States, the UK also has about 70 CDFIs and a trade association,
62:, which provides funds to CDFIs through a variety of programs. The CDFI Fund and the legal concept of CDFIs were established by the
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Fuel Lines for the Urban
Revival Engine: Neighborhoods, Community Development Corporations, and Financial Intermediaries.
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leveraging capital from the private sector for development activities in low wealth communities across the nation.
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Community
Development Financial Institutions (CDFIs) - Providing Capital, Building Communities, Creating Impact
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increasingly targeting family wealth in poor and minority communities, Self-Help in 1999 worked with the
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176:, Massachusetts, is the largest African-American-owned CDFI in the country, with branches in Boston,
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Community
Development Financial Institutions and CD Banks - Natural Partners for Traditional Lenders
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in
Ireland, though they are not generally called CDFIs, but are described by other terms such as
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673:"Final Rule on CDFI Membership in the Federal Home Loan Bank System" Opportunity Finance Network
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Broadly speaking, a CDFI is defined as a financial institution that: has a primary mission of
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CDFIs may be subject to oversight by federal financial institution regulators (e.g., banks,
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is the first French venture capital fund to provide capital to underserved businesses.
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Federal Home Loan Bank
Membership for Community Development Financial Institutions
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Federal
Housing Finance Board; Federal Housing Finance Agency (23 December 2009),
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Community
Development Financial Institutions: Current Issues and Future Prospects
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The CDFI Banking Sector: 2012 Annual Report on
Financial and Social Performance
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FHFA Sends Final Rule to Federal Register for CDFIs to Become Members of FHLBs
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77:(HERA) authorized CDFIs certified by the CDFI Fund to become members of the
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Community-Wealth.org CDFI Models, Best Practices, and Research Resources
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159:
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Riegle Community Development and Regulatory Improvement Act of 1994.
491:"Fact Sheet, COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM"
400:"CNote is now available to all investors! | CNote's Official Blog"
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Institutions similar in purpose exist around the world, such as
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fulfill all of the requirements for formal CDFI certification.
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to offer their CDFI-based product to non-accredited investors.
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In 2006, there were approximately 1,250 CDFIs, consisting of:
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More than 80 community development venture capital funds.
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issued its first ratings assessments of CDFI loan funds.
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Russell, Corinne; Mullin, Stefanie (29 December 2009),
553:"Self-Help Credit Union - North Carolina Credit Union"
158:, headquartered in the South Shore neighborhood of
129:More than 290 community development credit unions;
56:Community Development Financial Institutions Fund
336:, Federal Housing Finance Agency, archived from
35:(UK) - abbreviated in both cases to CDFI - is a
191:, another leading CDFI, was founded in 1980 in
123:More than 500 community development loan funds;
636:Washington, D.C.: Fannie Mae Foundation, 2001.
88:CDFIs are related to, but not identical with,
8:
704:Community development financial institutions
29:community development financial institution
18:Community Development Financial Institution
126:More than 350 community development banks;
75:Housing and Economic Recovery Act of 2008
33:community development finance institution
668:CDFI Assessment and Rating System - CARS
699:Financial services in the United States
578:"These Tough Lending Laws Could Travel"
305:
237:Local Initiatives Support Corporation
7:
313:Comparing Different Types of CDFIs.
98:Securities and Exchange Commission
45:community development credit union
25:
49:community development corporation
526:Carpenter, Dave (12 June 2007).
382:"SEC - CNote Offering Circular"
60:U.S. Department of the Treasury
461:Certified Native CDFIs by Name
189:Center for Community Self-Help
94:New Markets Tax Credit Program
90:Community Development Entities
83:Federal Housing Finance Agency
1:
603:"Subprime guru drives debate"
528:"'Bank with a heart' thrives"
232:Enterprise Community Partners
284:or social investment funds.
216:Notable non-depository CDFIs
227:Chicago Community Loan Fund
54:CDFIs are certified by the
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41:community development bank
151:Notable depository CDFIs
222:Capital Impact Partners
182:Los Angeles, California
79:Federal Home Loan Banks
472:Certified CDEs by Name
193:Durham, North Carolina
164:Urban Partnership Bank
631:Alexander von Hoffman
433:, Opportunity Finance
404:CNote's Official Blog
109:Standard & Poor's
68:community development
37:financial institution
294:Community land trust
424:Industry Statistics
259:Responsible Finance
172:, headquartered in
58:(CDFI Fund) at the
477:2009-05-06 at the
448:2009-05-06 at the
429:2007-01-27 at the
388:. August 29, 2017.
507:on August 7, 2017
443:CDFI List by Name
202:predatory lenders
16:(Redirected from
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341:(Press release)
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253:Other countries
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586:. Retrieved
582:the original
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560:. Retrieved
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535:. Retrieved
531:
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509:. Retrieved
502:the original
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408:. Retrieved
406:. 2017-09-27
403:
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368:(Final Rule)
365:the original
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338:the original
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282:social banks
278:microfinance
266:Grameen Bank
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274:Clann Credo
693:Categories
588:2008-11-16
410:2017-10-12
300:References
270:Bangladesh
612:11 August
562:11 August
537:11 August
511:August 6,
242:ShoreBank
156:ShoreBank
475:Archived
446:Archived
427:Archived
288:See also
31:(US) or
386:SEC.gov
160:Chicago
685:, NCIF
180:, and
174:Boston
505:(PDF)
494:(PDF)
361:(PDF)
334:(PDF)
206:NAACP
115:Scope
614:2017
564:2017
539:2017
513:2017
272:and
210:AARP
187:The
73:The
43:, a
268:in
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208:,
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27:A
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20:)
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