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Cdfis in Washington Community Development Financial Institutions

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Cdfis in Washington Community Development Financial Institutions CDFIS IN WASHINGTON COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS WHAT ARE CDFIS? THE CDFI FUND – U.S DEPARTMENT OF TREASURY Community Development Financial Institutions (CDFIs) are specialized The CDFI Fund is an innovative federal agency within the community based financial Treasury Department that was established in 1994, through the Number of CDFIs in institutions with a primary mission Riegle Community Development and Regulatory Improvement Washington: to promote economic development Act, to promote community development in distressed urban by providing financial products and and rural communities by increasing the availability of credit, services to people and communities investment capital and financial services available. 25 underserved by traditional financial institutions, particularly in low Since 1994, the CDFI Fund has awarded more than $1.7 billion on Total CDFI Fund awards income communities. a competitive basis to CDFIs, Native American CDFIs, and to Washington financial institutions through the BEA Program - with $1 billion CDFIs include community organizations since 1996: going to CDFIs and emerging CDFIs as FA awards or TA grants. development banks and credit unions, and non-regulated Less than 10% of all CDFI capital is provided by the CDFI Fund – $22,635,327 institutions such as non-profit loan but the federal dollars awarded by the CDFI Fund allow CDFIs funds or venture capital funds. to leverage significant private sector investments from New Markets Tax Credit institutions and individuals seeking the economic and social awards to Washington CDFIS IN WASHINGTON: benefits of investing in CDFIs, as well as other public funding since 2002: Cascade Forest Products Credit including state and local sources. Union - Vancouver Chealis Tribal Loan Fund - CDFIs serve both urban and rural communities - 42 % of all $319,000,000 Oakville certified CDFI serve both urban and rural areas; 24 % serve rural Craft3 - Ilwaco communities; and 33 % serve urban areas Express Credit Union - Seattle HomeSight - Seattle Impact Capital - Seattle Industrial Credit Union of Whatcom County - Bellingham PUTTING CDFI FUND AWARDS TO WORK Lummi Community Development Financial Institute - Bellingham PERFORMANCE OF CDFI PROGRAM AWARDEES FOR FY 2012 Newrizons Federal Credit Union - Hoquiam In FY 2012, CDFIs made over 17,000 loans or investments totaling nearly $1.3 billion, financed over North Central Washington 4,000 small businesses and over 24,000 housing units and created more than 25,600 jobs. Business Loan Fund - Chelan Northwest Baptist Federal Credit LENDING AND INVESTING ACTIVITY: Union - Seattle . Amount of Total Loans/Investments Originated $1,298,058,191 Northwest Native Development Fund - Nespelem Number of Total Loans/Investments Originated 17,547 Office of Rural and Farmworker . Business and Microenterprise Originations $363,082,649 Housing - Yakima Number of Originations 6,345 Rural Community Development . Consumer Originations $39,152,252 Resources - Yakima Number of Originations 5,216 Seattle Economic Development . Home Improvement and Home Purchase Originations $197,793,730 Association - Seattle Number of Originations 4,379 Seattle Economic Development . Residential Real Estate Originations $318,562,704 Fund - Seattle Number of Originations 503 SNAP Financial Access - Spokane . Commercial Real Estate Originations $202,965,931 Spokane Neighborhood Economic Number of Originations 262 Development Alliance - Spokane . All Other Originations $176,500,925 Taala Fund - Pacific Beach Number of Originations 842 The Lending Network - Chehalis . Jobs At End of Reporting Period 25,618 The Union Credit Union - Spokane . Affordable Housing Units Financed 24,466 TULIP Cooperative Credit Union - Rental Units 21,193 Olympia Owner Units 3,273 Washington Access Fund - Seattle . Businesses Financed 4,102 Washington Community Alliance . for Self-Help - Seattle Percent of Eligible Areas Served 21.2% Washington Community Reinvestment Association - Seattle CDFI Coalition – www.cdfi.org – [email protected] .
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