(AGENPARL) – ven 30 settembre 2022 [Community Development Financial Institutions Fund]
Treasury Guarantees $355 Million in Bond Funding for Projects in Low-Income Communities
Announcement Marks Largest Bond Issuance in Program’s History
September 30, 2022
“Today’s announcement marks a banner year for the CDFI Bond Guarantee Program,” said CDFI Fund Director Jodie Harris. “The $355 million in bonds issuances announced today is the largest in the program’s history. Today is also a good point in time to reflect on the significant impact this important long-term capital is making in our nation’s low-income communities – of the more than $2.167 billion approved, more than $1.4 billion in cumulative investments have already been disbursed through this program since its launch in 2013.”
The FY 2022 program participants include:
Community Reinvestment Fund, USA will issue a $100 million bond on behalf of Low Income Investment Fund (LIIF). LIIF plans to use the bond proceeds to fund charter schools, rental housing, daycare centers, and other eligible uses. This is LIIF’s third CDFI Bond Guarantee Program bond issuance, having also been a part of bond guarantees in both 2014 and 2016.
InBank, a new Qualified Issuer, will issue a $125 million bond on behalf of Capital Plus Financial, to provide single-family mortgage financing and property rehabilitation to low-income Hispanic communities in the state of Texas via the CDFI to Financing Entity asset class.
Opportunity Finance Network will issue $130 million in bonds on behalf of the following three Eligible CDFIs:
– Community Ventures (CVEN) will receive a $10 million bond loan to fund small businesses and single-family mortgages, the latter via the CDFI to Financing Entity asset class. CVEN was a prior recipient of a bond guarantee in 2015.
– Charter School Development Corporation will receive a $70 million bond loan to fund charter schools.
– Greater Minnesota Housing Fund (GMHF) also will receive a $50 million bond loan to fund rental housing in the state of Minnesota. GMHF has received two prior bond guarantees in 2017 and 2019.
The program enables CDFIs to execute large-scale projects, including the development of commercial real estate, housing units, charter schools, daycare or healthcare centers, and rural infrastructure projects, among other asset classes. As of August 31, 2022, more than $1.4 billion in bond proceeds has been disbursed in 32 states and the District of Columbia.
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About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $5.5 billion to CDFIs, community development organizations, and financial institutions through: the Bank Enterprise Award Program; the Capital Magnet Fund; the CDFI Rapid Response Program; the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Economic Mobility Corps; the Financial Education and Counseling Pilot Program; the Native American CDFI Assistance Program; and the Small Dollar Loan Program. In addition, the CDFI Fund has allocated $66 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds for more than $2.1 billion through the CDFI Bond Guarantee Program.
Reasonable Accommodations: Requests for reasonable accommodations under section 504 of the Rehabilitation Act should be directed to Jay Santiago at the CDFI Fund at 202-653-0300.
UNITED STATES DEPARTMENT OF THE TREASURY
SUBSCRIBER SERVICES:
This service is provided to you at no charge by CDFI Fund, US Department of the Treasury. The CDFI Fund is an equal opportunity provider.