The New Markets Tax Credit was enacted in 2000 as part of the Community Renewal Tax Relief Act, one of the last pieces of legislation to be passed under President Clinton. Originally authorizing $15 billion in credits to be distributed over seven years, the program has been extended through continuing resolutions ever since. Buoyed by the American Recovery and Reinvestment Act of 2009 (stimulus bill), New Markets Tax Credits received a $5 billion allocation that year. Read more about New Markets Tax Credit...
The Community Development Financial Institutions (CDFI) Fund is an independent agency administered by the U.S. Department of Treasury, which was established by the Riegle (D-MI) Community Development and Regulatory Improvement Act of 1994. Since its inception, the fund has awarded more than $1.1 billion. Read more about Community Development Financial Institutions Fund...
The Capital Magnet Fund (CMF) awards competitive grants to community development financial institutions (CDFIs) and other organizations to develop affordable housing and other projects. Administered through the federal CDFI Fund, the CMF was established as a permanent trust fund in the Housing and Economic Recovery Act of 2008. The Congressional Budget Office estimates that the CMF will receive approximately $226 million annually between FY 2010-2018. Read more about Capital Magnet Fund ...
Executive Director of Lenders for Community Development (soon to be Opportunity Fund), a community development financial institution based in San Jose, California. Since its formation in 1993, Lenders for Community Development has disbursed over $5.6 million to more than 2,300 savers through its individual development account (IDA) program, the nation's largest. The group has also made over 600 loans worth over $8 million to support local microenterprise and has directed over $115 million in community investment into affordable housing and community facilities. Read more about Eric Weaver...
Mark Pinsky is CEO of Opportunity Finance Network (OFN) a position he has held since 1995. OFN is the nation's leading trade association of community development financial institutions. Through 2007, OFN members had originated more than $19.8 billion in financing in underserved urban, rural, and Native communities. In this C-W.org Interview, Pinsky discusses the state of community development finance, the movement's vision and policy initiatives, and current challenges faced by CDFIs in this period of economic crisis. Read more about Mark Pinksy...
