Capital Impact Partners Joins Federal Home Loan Bank of Atlanta Cooperative
Arlington, VA / Atlanta, GA (March 18, 2015) – Capital Impact Partners today announced that it has joined the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) cooperative of eligible commercial banks, credit unions, savings institutions, community development financial institutions and insurance companies. As an FHLBank Atlanta member, Capital Impact has access to the competitively priced financing, community development grants and other banking services that help the more than 900 of the Bank’s member financial institutions grow and prosper.
“We are thrilled to become a member of Federal Home Loan Bank of Atlanta,” said Ellis Carr, Chief Financial Officer at Capital Impact Partners. “They provide a number of important services which allow us to be more nimble, creative and flexible in meeting the variety of short and long term needs of our borrowers who are developing projects in low-income communities across the country.”
Although there are more than 800 Community Development Financial Institutions (CDFIs) nationwide, Capital Impact is one of only approximately 30 that make up the 7,400 member institutions in the FHLBank System. This achievement demonstrates the growing leadership that CDFI’s have in the financial industry to drive both financial and social impact.
As of January 2010, CDFIs were authorized to become members of the Federal Home Loan Bank System. Eligible CDFIs include community development loan funds, venture capital funds, and state-chartered credit unions without federal insurance that are certified as a CDFI under the CDFI Act. Eligible CDFIs must also make long-term home mortgage loans. To be considered for membership, a CDFI must be certified by the CDFI Fund of the U.S. Treasury Department.
“We are pleased to have Capital Impact as our newest CDFI member,” said Scott Brennan, FHLBank Atlanta’s Director of Sales. “We look forward to a strong partnership that will contribute to Capital Impact’s success and help further the FHLBank Atlanta mission.”
FHLBank Atlanta members have access to a number of important banking services including:
- Access to low-cost funding
- Products to mitigate interest-rate risk
- A stable and reliable source of funds
- Securities safekeeping
- Flexible borrowing terms
Capital Impact will also have the opportunity to apply for grants and other banking services that support its community development work.
“Having access to the capital provided by the Federal Home Loan Bank of Atlanta allows us to create more social impact for low income communities by increasing financing options for projects that expand access to healthcare, education, healthy foods, inclusive housing and dignified aging alternatives,” said Scott Sporte, Chief Lending Officer at Capital Impact Partners.
About Capital Impact Partners:
Capital Impact Partners transforms underserved communities into strong, vibrant places of opportunity for people at every stage of life. We deliver strategic financing, incubate new social programs and provide capacity-building to help ensure that low-to-moderate income individuals have access to quality health care and education, healthy foods, affordable housing and the ability to age with dignity. A nonprofit community development financial institution, Capital Impact Partners has disbursed more than $2 billion to revitalize communities over the last 30 years. Headquartered in Arlington, Va., Capital Impact Partners operates nationally, with local offices in Detroit, Mich., and Oakland, Calif. Learn more at www.capitalimpact.org
About the Federal Home Loan Bank of Atlanta:
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members—its shareholders and customers—are commercial banks, credit unions, savings institutions, community development financial institutions (CDFIs) and insurance companies headquartered in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System, which since 1990 has contributed more than $4.4 billion to the Affordable Housing Program.