Community Development Financial Institutions

Community Investment Associates has assisted clients to plan, capitalize, and operate community financial institutions:

The Biddeford-Saco Area Economic Development Corporation

, ME, planned to convert its RLFs into a CDFI. Community Investment assisted with strategic planning and contributing to a successful application to the CDFI Fund.

Coalition for a Better Acre

, Lowell, MA, a CDC and NeighborWorks Organization, wished to extend its community impact by forming a CDFI to address unmet financing needs. Community Investment assisted to plan a CDFI affiliate, prepare a business plan, and compose a successful application to the CDFI Fund for technical assistance. The CDFI, Mill Cities Community Investment, integrated a CDC from a nearby similar community to expand its market and community support.

The Community Economic Development Fund

, an innovative $10 million CDFI entity serving Connecticut, wished to become a CDFI to expand its access to resources. A complex family of 3 for-profit and nonprofit entities, CEDF is structured to accommodate capital invested by the State and by regional banks. Although CEDF had been unsuccessful previously in obtaining CDFI certification, Community Investment identified an appropriate approach and assembled a successful certification application. Subsequently, Community Investment assisted CEDF to obtain a $50k TA grant from the CDFI Fund. Later, the firm investigated financing needs of micro-businesses, packaged matching investments, and composed a successful application for $700k to SBA's Microloan Program.

Hartford Community Capital

was exploring expansion of its Target Market to the entire city. Community Investment conducted a market analysis of capital available to small businesses in Hartford to inform its decision. Subsequently, HCC expanded and received an award of financial assistance from the CDFI Fund.

Housing Partnership Development Fund

, an affiliate of the National Association of Housing Partnerships, needed capital to serve the borrowing needs of its members, consisting of housing partnerships nationwide. Community Investment assisted HPDF to plan and compose its successful application to the CDFI Fund requesting $2 million to finance acquisition and pre-development costs of affordable rental housing projects.

The Long Island Fund for Sustainable Development

needed direction in its revival, as guided by its parent affiliate. Community Investment investigated opportunities for lending to advance sustainable development, and composed an organizational plan.

Neighborhood of Affordable Housing

, Boston, a CDC and NeighborWorks organization, wished to extend and deepen its residential lending activities by forming a CDFI. Community Investment assisted to plan a CDFI affiliate, prepare a financial plan, and compose a successful application to the CDFI Fund's SECA program for capital and technical assistance. The CDFI Fund also certified the affiliate CDFI.

NeighborWorks America

is a national community development intermediary that has 235 local affiliates nationwide. Community Investment has assisted NWA to carry out several projects to improve its understanding and support of its numerous CDFI affiliates, including:

  • Implementing its "CDFI Initiative" entailing assisting 8 CDFIs affiliated with NWA to obtain assistance from the CDFI Fund;
  • Carrying out the Residential Lender Assessment entailing a comprehensive analysis of the performance and condition of 3 affiliated CDFIs to help define standards for NWA investment;
  • Developing sets of criteria for NWA to utilize as an "early warning" dashboard for evaluating faltering affiliated CDFIs, standards for capital grants to lending activities, and benchmarks for its tri-annual organizational assessments.

NeighborWorks America

sought information regarding the marketplace that a merged RNA and Neighborhood Capital could serve. Community Investment with Burlington Associates conducted a national market analysis of the demand for and availability of capital for the 240 NWOs nationwide.

NeighborWorks Capital

, created from the RNA/Neighborhood Capital merger, needed a business plan to guide its development and operations. Community Investment, in collaboration with the impending board, developed a financial plan and loan policies to launch the CDFI. Later, the firm composed a successful application to the CDFI Fund for NC.

Neighborhood Housing Services of New York City

, a CDFI, needed additional capital and a more manageable investment structure. Through several projects, Community Investments improved portfolio management and loan administration policies and system, conducted a market analysis, and assembled a "prospectus" for bank, insurance company, and foundation investment in the NHS.

Neighborhood Housing Services of South Florida

needed capital. Community Investment first enhanced its readiness for capitalization by improving its portfolio management systems and policies. The firm then assembled a "prospectus" seeking investment from banks, insurance companies, and foundations.

New Britain Neighborhood Housing Services

, a CDFI and NWO serving distressed areas of New Britain, CT, wished to expand its Target Market and product line. Community Investment Associates completed a market study of adjoining neighborhoods, including analysis of conventional lending patterns, and a capitalization study for its residential lending and real estate development lines of business.

New Haven Neighborhood Housing Services

, CT wished to form a CDFI. Community Investment advised the NeighborWorks organization concerning eligibility and strategy, composed the market analysis for, and reviewed its application to the CDFI Fund for Technical Assistance, which the Fund awarded.

Nuestra Comunidad Development Corporation

, Boston, intended to expand their lending to prospective homeowners, frequently targeted by predatory lenders, and to small commercial properties usually unable to qualify for conventional financing. Community Investment planned and assembled 2 successful applications to the CDFI Fund for $1.6mm in total investment which expanded the CDFI's products and volume.

Nuestra Development Fund

, a CDFI engaged in residential lending, wished to extend its lending capacity for commercial real estate, launched by means of an earlier NMTC award. Community Investment assisted NDF to plan the growth of this program, and compose a successful NMTC application for $3 million.

One United Bank

(formerly Bank of Commerce) is the largest minority owned bank in New England. Community Investment assisted BBOC to plan and assemble a successful application to the CDFI Fund for a $2 million equity investment to enable the bank to double its lending activity. Community Investment conducted market analysis, assisted with the business plan, and substantially composed the application.

Providence Preservation Society Revolving Loan Fund

sought CDFI status to develop its capacity as a community lender serving Providence, RI. Community Investment assisted the entity to obtain CDFI certification.

RCAP Solutions

, an emerging CDFI serving rural Massachusetts, needed capital to support growth. Community Investment packaged a successful application to the USDA Intermediary Lending Program to generate $500k in low cost capital to fuel business lending.

The Rhode Island Minority Investment Development Corporation

, a CDFI, needed additional capital to make businesses loans. Community Investment assisted with strategic planning, analysis of secondary market opportunities, financial planning, and composing a successful application for $750,000 to the CDFI Fund.

RNA Community Builders and Neighborhood Capital Corporation

, two CDFIs serving a national marketplace with the support of the NWA, wished to consider how collaboration would enhance their capacity. Community Investment, in concert with Burlington Associates, assisted these CDFIs to evaluate and decide to merge their organizations to achieve economies of scale and improve access to capital.

Rutland West Neighborhood Housing Services

, Rutland, VT wished to form a CDFI. Community Investment assisted the NeighborWorks Organization to plan and assemble a successful application to the CDFI Fund for an $80,000 Technical Assistance award. Later, NHS needed capital to support expansion of its Target Market and portfolio. Community Investment developed a Capitalization Plan to support these plans, including ratio and portfolio analyses, identification of potential sources, and recommendations for improvement in management of the CDFI's capital.

South County Housing

, a prominent community development corporation in Central California, wished to explore extending its impact through developing a CDFI. Community Investment packaged a successful application to the CDFI Fund for TA resources to explore market needs and capital sources.

South East Economic Development Corporation

, an accomplished nonprofit in Taunton, MA dedicated to small business financing in a two state region, wanted to become a CDFI. Community Investment composed a successful application for certification to the CDFI Fund.

Springfield Neighborhood Housing Services

, adjusting to new conditions in their marketplace, wished to expand their lending capacity to new homeowners. Community Investment Associates assisted the NHS to plan an expansion of services citywide, compose a successful application to the CDFI Fund for technical assistance, and strengthen operations.

The Triple Bottom Line Collaborative

, an innovative alliance of 7 CDFIs, is dedicated to effectively implementing "Triple E" investment criteria - environment, social equity, and economic investment. Community Investment investigated approaches to join environmental and community development investors in supporting the Triple E approach via a Collaborative capital fund.

Urban Edge, an accomplished CDC

in Boston, wished to consolidate and focus its business and residential lending activities in a CDFI. Community Investment reviewed its activities to suggest opportunities for development of a CDFI, conducted market analyses of each lending area, assisted in structuring a CDFI affiliate, and prepared and planned a successful SECA application to the CDFI Fund.

Urban Revitalization Fund of Rhode Island

is a product of the collaboration of community organizations, financiers, state agencies, and advocates in RI. Supporting the fledgling group to coalesce its efforts into a CDFI, Community Investment assisted to establish an appropriate entity, identify an effective Board of Directors, negotiate collaborative support from Neighbor Works America and LISC, negotiate a Fund Manager, raise $3 million of investments from local banks, and planned and prepared a successful SECA application to the CDFI Fund 189,000 for this start-up, statewide CDFI.

West Elmwood Housing Development Corporation

, a certified CDFI in Providence, RI, needed capital to expand residential lending. Community Investment planned and prepared a successful SECA application to the CDFI Fund. Later, the CDFI needed to strengthen its performance and capacity. Community Investment assisted the CDFI to evaluate and revise its loan and portfolio policies to incorporate organizational changes, a loan rating system associated with a loan loss reserve, and more functional content.