Why we Need the CDFI Fund by Jason Battista, Mercy Loan Fund and David Landis, Community Housing Capital

March 9, 2017:

This article was written by Jason Battista, President of Mercy Loan Fund, and David Landis, Senior Vice President and Chief Operating Officer of Community Housing Capital.


Last week, we saw the current administration’s first budget proposal, which calls for a $54 billion increase in military spending, funded by cuts to nonmilitary programs.

The New York Times reported that, as part of these cuts, the U.S. Treasury’s Community Development Financial Institution (CDFI) Fund (“the Fund”) will be “all but eliminated.”

While it is unlikely that the budget proposal will be finalized in its current form, these reports still concern us.

If we “all but eliminate” the Fund, we “all but eliminate” countless opportunities for people living in poverty.

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On September 22, 2016, the US Treasury Department announced through the CDFI Fund that Community Housing Capital (CHC) was among 23 Community Development Financial Institutions (CDFIs) to receive an award from the 2016 Capital Magnet Fund. The $3,750,000 award will be used to help finance the development and preservation of affordable housing for low- to extremely low-income families.

The Capital Magnet Fund provides competitively awarded equity grants to CDFIs and qualified nonprofit housing organizations to develop, rehabilitate, preserve, and purchase affordable housing. "Affordable housing remains out of reach for far too many Americans," said Antonio Weiss, counselor to Treasury Secretary Jacob J. Lew. "This funding will enable organizations across the country to expand access to affordable housing and help meet the critical needs of thousands of families."

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Community Housing Capital Announces $100 Million Multi-Bank Syndicated Credit Facility to Finance the Development and Preservation of Affordable Housing

Published: July 20, 2015 12:30 p.m. ET

DECATUR, GA, Jul 20, 2015 -- Community Housing Capital (CHC), a national community development financial institution intermediary that provides affordable housing financing exclusively to the NeighborWorks® Network, announced today the capitalization of an innovative $100 million multi-bank syndicated credit facility to finance the development and preservation of affordable housing. Together with CHC, Morgan Stanley led the creation of the facility, and other investors include Branch Banking and Trust Company (BB&T); Carver Federal Saving Bank; Charles Schwab; Deutsche Bank; HSBC; JPMorgan Chase; and Wells Fargo.

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This 3-year credit facility will support CHC’s lending activities along the eastern seaboard areas served by TD Bank’s footprint.

Decatur, GA (PRWEB) February 23, 2015

Community Housing Capital (CHC), a community development financial institution (CDFI) and national community development lender, announced today a $5 million investment from TD Bank, America’s Most Convenient Bank®. This 3-year credit facility will support CHC’s lending activities along the eastern seaboard areas served by TD Bank’s footprint. TD Bank has an affinity for working with CDFIs and a long and successful history of matching their investments with the important work of the NeighborWorks® Network.

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Community Housing Capital and Oppenheimer Multifamily Housing & Healthcare Finance, Inc. Announce Three Closed FHA 223(f) Loans to Preserve Affordable Senior and Disabled Housing in Rural Minnesota

Dec 15, 2014 - Decatur, GA — Known as the “Buffwood Project,” Southwest Minnesota Housing Partnership (SWMHP) brought a complex financing request to Community Housing Capital (CHC), a Community Development Financial Institution in Decatur, GA. SWMHP, a nonprofit affordable housing developer and member of the NeighborWorks® Network, owned three Section 8 assisted properties in rural Minnesota that were burdened by existing high-cost debt. The three multifamily properties served low-income seniors and two of the projects also served younger low-income individuals with physical disabilities. In order to preserve the 129 units of much needed affordable rental housing, SWMHP needed to refinance the projects for longer term sustainability.

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Community Housing Capital Receives $5 million Investment from Branch Banking and Trust Company (BB&T)

October 21, 2014 - Decatur, Georgia – Community Housing Capital (CHC), a community development financial institution (CDFI) and national community development lender announced today a $5 million investment from Branch Banking and Trust Company (BB&T). This new partnership increases CHC’s lending capacity to nonprofit affordable housing developers that are members of the NeighborWorks® Network.

A leader in affordable housing lending, CHC delivers flexible capital that is typically the missing piece in making the development and preservation of affordable housing a reality in the low- and moderate-income communities served by NeighborWorks organizations. CHC provides both interim real estate development and permanent multifamily loans that are underwritten with the experience and flexibility required to finance complex transactions.

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Community Housing Capital (CHC) is proud to announce that its participation level with Guidestar.org has been upgraded from Silver to Gold. CHC believes in the importance of transparency in governance and provides Guidestar.org with performance and IRS information. Click on the Guidestar image to view CHC's Gold Level listing.

Community Housing Capital Awarded $1,453,806 Grant from U.S. Treasury's Community Development Financial Institutions Fund

Decatur, Georgia – Community Housing Capital (CHC) announced today that it was awarded a $1,453,806 grant from the U.S. Treasury’s Community Development Financial Institutions Fund (CDFI Fund) to increase its lending capacity to nonprofit affordable housing developers that are members of the NeighborWorks® Network. The NeighborWorks network consists of more than 235 community-based organizations that focus on the development and preservation of affordable housing for residents of disadvantaged communities.

CHC provides both interim real estate development and permanent multifamily loans that are underwritten with the flexibility required to finance complex transactions with multiple layers of subsidies. To fund its loan programs, CHC uses grant funds from sources such as the CDFI Fund to significantly leverage private sector debt capital from socially responsible investors.

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FOR IMMEDIATE RELEASE

National Job Creation Initiative Awards National CDFI
Capital Grant to Spur Jobs Nationwide

Create Jobs for USA Program to Help Community Housing Capital and Fellow Community Lenders Generate Jobs across the U.S.

Decatur, GA - June 8, 2012 — Community Housing Capital, a national community development lender, announced today that it has received a $375,000 capital grant from the Create Jobs for USA Fund, managed by Opportunity Finance Network® (OFN). Starbucks and OFN teamed up to launch the Create Jobs for USA initiative in response to the jobs crisis facing America. This money will help Community Housing Capital create and sustain jobs as part of this national campaign to provide financing to community businesses in underserved areas.

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Sustainable Communities Magazine discuss the new CDFI Bond Program with Cathy Dolan, CEO of Opportunity Finance Network and Jack Gilber, CEO of Community Housing CapitalCHC's CEO Jack Gilbert joins Cathy Dolan, COO of Opportunity Finance Network in framing discussions about the CDFI Bond Program in Sustainable Communities Magazine. View the article by clicking on the image.

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