The Community Development Financial Institutions Fund ( CDFI Fund ) promotes economic revitalization in distressed communities throughout the United States by providing financial assistance and information to community development financial institutions (CDFI). A government corporation owned by the United States Department of the Treasury , it was established through the Riegle Community Development and Regulatory Improvement Act of 1994 . Financial institutions, which may include banks , credit unions , loan funds, and community development venture capital funds, can apply to the CDFI Fund for formal certification as a CDFI. 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 .
8-694: One of the oldest nonprofit loan funds in the United States, Enterprise Community Loan Fund - a subsidiary of Enterprise Community Partners has loaned more than $ 725 million to help build or renovate 91,000 affordable homes. They also offer local funds in Atlanta, Louisiana, Los Angeles, and New York City. Other, larger nonprofit loan funds have typically invested nearly $ 2 billion per loan fund (as of 2017) including Low Income Investment Fund, Boston Community Capital, Reinvestment Fund, Capital Impact Partners, Local Initiatives Support Corp and Self-Help . Within
16-528: Is an American nonprofit . Its goals are to increase housing supply, advance racial equity and build resilience and upward mobility. Founded in 1982 by developer/philanthropist James W. Rouse and his wife Patty, Enterprise has worked with community-based nonprofit organizations to develop 951,000 homes, investing $ 64 billion throughout the United States . The organization works in more than 800 communities and in collaboration with thousands of partners in
24-640: The Church of the Saviour—Terry Flood, Barbara Moore and Carolyn Banker—wanted to create low-income housing in the Adams Morgan neighborhood of D.C. With no development, financial or construction experience, they put down a non-refundable deposit to purchase the Ritz and Mozart apartment buildings. Their commitment won over James Rouse, CEO of The Rouse Company and he helped them secure $ 625,000 to complete
32-597: The field, only a handful of CDFIs have achieved an investment grade rating from Standard & Poor - including Local Initiative Support Corp, Reinvestment Fund, Capital Impact Partners. In 1998, City First Bank was certified as Washington, DC's first CDFI bank. Since then, and as of December 31, 2015, City First has channeled over $ 1 billion of capital into low and moderate income communities. $ 422 in New Markets Tax Credits have helped to build institutions such as THEARC in deep southeast, DC where over 80% of
40-579: The nonprofit, public and for-profit sectors. Affordable housing advocate and attorney Priscilla Almodovar served as president and chief executive officer of Enterprise from September 2019 to December 2022. Lori Chatman and Drew Warshaw are the current Co-CEOs and Interim Presidents of Enterprise Community Partners. Chatman is also the President of the Capital Division, with Warshaw as the chief operating officer . In 1972, three members of
48-632: The students qualify for free or reduced lunch; and the Atlas Performing Arts Center, making arts accessible to all on the now burgeoning H Street, northeast DC. Loans towards small businesses, affordable housing, educational facilities, the arts, and health centers have totaled $ 591, fueling DC's renewed economy and culture. This United States government–related article is a stub . You can help Misplaced Pages by expanding it . Enterprise Community Partners Enterprise Community Partners , formerly The Enterprise Foundation ,
56-589: The transaction and $ 125,000 toward the cost of rehabilitation. In 1981, the experience inspired Jim Rouse to found Robin Hood Inc. based in one of Rouse’s American City buildings in Columbia, Maryland . The company was renamed to Jubilee Housing to help with fundraising efforts. Jubilee Housing provided the launchpad for Jim and Patty Rouse to start the Enterprise Foundation in 1982. In 2005, it
64-552: Was renamed Enterprise Community Partners. In 1984, Jim Rouse was soliciting business representing both Rouse Company as chief executive officer and Enterprise Development as president. The Rouse Company board of directors asked Jim Rouse to leave as CEO of the Rouse Company and his position in Enterprise Development which ended his involvement with the company he founded. Enterprise Green Communities
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