Detroit Coalition Releases Guide To Help Developers Identify Community Development Financing Resources
“CDFI Grid” Promotes Programs and Services from Area Community Development Financial Institutions
Detroit, MI (September 11, 2015) —Project developers and community members in Detroit now have an easy reference guide for finding financing from Community Development Financial Institutions (CDFI) for a range of needs, including consumer mortgages, business loans, real estate projects, and mixed-use developments.
The “CDFI Grid” is a ready-to-print guide designed for homeowners, businesses, nonprofits, and other groups to quickly see what loan products each coalition member offers. These products offerings range from business or predevelopment loans to low-income housing tax credits to New Markets Tax Credits.
The CDFI’s identified in the tool are mission-driven organizations certified by the U.S. Treasury to provide lending in economically distressed areas underserved by traditional lenders which have already invested hundreds of millions in Detroit. As such, these institutions are able to offer loan products and flexible terms often not available from traditional lenders.
The CDFI Grid was created by the Detroit Community Development Financial Institutions Coalition, which consists of a core group of CDFIs working in Detroit and collaborative partner CDFIs that work throughout Michigan.
“The Detroit CDFI Coalition grew out of the collaboration of several CDFIs who were working together to invest and revitalize in Detroit’s downtown core, Midtown and neighborhoods,” said Tahirih Ziegler, Chair of the Detroit CDFI Coalition and Executive Director of Detroit LISC. “The Coalition will provide a more coordinated effort to future strategic investments for the city and one voice for over 19 financial institutions that are already working to bring resources to Detroit. To date, these CDFI’s have invested hundreds of millions of dollars of investment into the city.”
“It is vital for Detroit businesses and developers to be able to navigate community development resources,” said Melinda Clemons, Senior Loan Officer, Capital Impact Partners. “This guide will help developers move quickly and efficiently from idea to financing.”
“This is a great tool to make the broader community aware of the breadth and diversity of CDFI resources in the city,” said Kirby Burkholder, IFF’s Eastern Region Executive Director. “Our goal is to promote programs and services available throughout the Detroit area to help bring capital to disinvested neighborhoods.”
“Invest Detroit and other CDFIs focused on the City provide complementary financing tools and programs to assist and accelerate renewal,” said Mary Seaberg King, Senior Vice President, Invest Detroit. “The CDFI grid provides potential borrowers with the information they need to learn about these vital tools in one convenient location.”
“Urban Partnership Bank is confident this Grid will be a valued tool to those in our community seeking economic development resources. We continue to be excited about the prospect of having a vital role in Detroit’s revitalization,” said Kevin Sweeney, Market Director, Detroit, Urban Partnership Bank.”
Interested developers and borrowers can view and download the CDFI Grid here.
The CDFI Grid features organizations with a local office in Detroit as well as those that work in Michigan and/or other parts of the state. They are:
- Capital Fund Services, Inc.
- Capital Impact Partners
- Community Reinvestment Fund
- Detroit Development Fund
- Enterprise Community Loan Fund
- First Children’s Finance
- First Independent Bank
- Invest Detroit
- Liberty Bank
- Local Initiative Support Corporation (LISC)
- Mercy Loan Fund
- Metro Community Development
- Northern Initiatives
- One Detroit Credit Union
- Opportunity Resource Fund
- Urban Partnership Bank
About the Detroit CDFI Coalition: The Detroit CDFI Coalition is a collaborative effort amongst CDFIs to proactively connect capital to communities, identify key policy objectives, and work creatively to leverage each other’s resources to support comprehensive community development in Detroit. The Detroit CDFI Coalition grew out of work started by the Opportunity Finance Network (OFN) to better leverage resources to support Detroit’s renaissance.
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.