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Community Development Financial Institution
A community development financial institution (US) or community development finance institution (UK) - abbreviated in both cases to CDFI - is a financial institution that provides credit and financial services to underserved markets and populations, primarily in the USA but also in the UK. A CDFI may be a community development bank, a community development credit union (CDCU), a community development loan fund (CDLF), a community development venture capital fund (CDVC), a microenterprise development loan fund, or a community development corporation. CDFIs are certified by the Community Development Financial Institutions Fund (CDFI Fund) at the U.S. Department of the Treasury, which provides funds to CDFIs through a variety of programs. The CDFI Fund and the legal concept of CDFIs were established by the ''Riegle Community Development and Regulatory Improvement Act of 1994.'' Broadly speaking, a CDFI is defined as a financial institution that: has a primary mission of community d ...
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Financial Institution
A financial institution, sometimes called a banking institution, is a business entity that provides service as an intermediary for different types of financial monetary transactions. Broadly speaking, there are three major types of financial institution: # Depository institution – deposit (finance), deposit-taking institution that accepts and manages deposits and makes loans, including bank, building society, credit union, trust company, and mortgage broker; # Contractual institution – insurance company and pension fund # Investment institution – investment banking, investment bank, underwriter, and other different types of financial entities managing investments. Financial institutions can be distinguished broadly into two categories according to ownership structure: * commercial bank * cooperative banking, cooperative bank Some experts see a trend toward homogenisation of financial institutions, meaning a tendency to invest in similar areas and have similar business str ...
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Boston, MA
Boston is the capital and most populous city in the Commonwealth (U.S. state), Commonwealth of Massachusetts in the United States. The city serves as the cultural and Financial centre, financial center of New England, a region of the Northeastern United States. It has an area of and a population of 675,647 as of the 2020 United States census, 2020 census, making it the third-largest city in the Northeastern United States after New York City and Philadelphia. The larger Greater Boston metropolitan statistical area has a population of 4.9 million as of 2023, making it the largest metropolitan area in New England and the Metropolitan statistical area, eleventh-largest in the United States. Boston was founded on Shawmut Peninsula in 1630 by English Puritans, Puritan settlers, who named the city after the market town of Boston, Lincolnshire in England. During the American Revolution and American Revolutionary War, Revolutionary War, Boston was home to several seminal events, incl ...
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Southern Bancorp
Southern Bancorp is a community development financial institution headquartered in Arkadelphia, Arkansas. It was founded in 1986 as Southern Development Bancorporation, and is often referred to simply as "Southern". With 56 locations, the organization focuses most of its work in the Arkansas Delta and Mississippi Delta. Southern's community-development work in these areas has directly improved various aspects of resident's lives through different projects such as the Delta Bridge Project,Official websiteDelta Bridge Project/ref> The Arkadelphia Promise,Official websiteArkadelphia Promise/ref> and numerous other sponsorships and projects. Origin In 1986, then Arkansas Governor Bill Clinton William Jefferson Clinton (né Blythe III; born August 19, 1946) is an American politician and lawyer who was the 42nd president of the United States from 1993 to 2001. A member of the Democratic Party (United States), Democratic Party, ... partnered with the Winthrop Rockefeller ...
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Local Initiatives Support Corporation
The Local Initiatives Support Corporation (LISC) is a US non-profit organization, non-profit community development financial institution (CDFI) that supports community development initiatives across the country. It has offices in nearly 40 cities and works across 2,100 rural counties in 44 states. LISC was created in 1979 by executives from the Ford Foundation. LISC's affiliates include the National Equity Fund (NEF), the largest national syndicator of Low-Income Housing Tax Credit, Low Income Housing Tax Credits (LIHTC), the New Markets Support Company, a national syndicator of New Markets Tax Credit Program, New Markets Tax Credits, and immito, which specializes in SBA 7a lending. LISC and its affiliates support community development projects through grants, loans and equity investments as well as technical and management assistance. In the 2020 fiscal year, it reported grants, loans and investments totaling US$2 billion, leveraging $4.4 billion in total development and suppor ...
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Enterprise Community Partners
Enterprise Community Partners, formerly The Enterprise Foundation, is an American nonprofit. Its goals are to increase housing supply, advance racial equity and build resilience and upward mobility. Founded in 1982 by developer/philanthropist James W. Rouse and his wife Patty, Enterprise has worked with community-based nonprofit organizations to develop 951,000 homes, investing $64 billion throughout the United States. The organization works in more than 800 communities and in collaboration with thousands of partners in the nonprofit, public and for-profit sectors. Affordable housing advocate and attorney Priscilla Almodovar served as president and chief executive officer of Enterprise from September 2019 to December 2022. Lori Chatman and Drew Warshaw are the current Co-CEOs and Interim Presidents of Enterprise Community Partners. Chatman is also the President of the Capital Division, with Warshaw as the chief operating officer. History In 1972, three members of the Church of ...
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Chicago Community Loan Fund
Chicago Community Loan Fund (CCLF) is a certified community development financial institution (CDFI) that provides loans and grants to community development organizations engaged in affordable housing, social service and economic development initiatives in Chicago. Mission and focus CCLF's mission, as stated on its website, is "to provide low cost, flexible financing to community development organizations... throughout metropolitan Chicago." Its focus is on providing loans to agencies engaged in planning and building affordable housing. It also lends money to other types of community development organizations and organizations that support environmental sustainability, such as Chicago's nonprofit car-sharing program, I-GO, Logan Square Kitchen, a commercial shared-use kitchen and 75-seat event space, and Whistler-Crossing in Riverdale, IL, the first LEED for Neighborhood Development (LEED-ND) in Illinois. The loan fund is distinguished from traditional banks by its track rec ...
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Capital Impact Partners
Capital Impact Partners, or simply Capital Impact, is an American congressionally chartered, District of Columbia nonprofit and certified community development financial institution that provides credit and financial services to underserved markets and populations in the United States. S&P Global issued Capital Impact its first rating in 2017. Capital Impact was created in 1982 as the nonprofit arm of the National Cooperative Bank as part of the National Consumer Cooperative Bank Act. Capital Impact became independently certified as its own financial institution by the U.S. Department of the Treasury's Community Development Financial Institutions Fund in 2011. The company's president and CEO is Ellis Carr, the chief lending officer is Diane Borradaile, the chief financial officer is Natalie Gunn, and Amy Sue Leavens is the chief legal counsel. From 1994 until 2016, Terry Simonette served as president and CEO of Capital Impact until Ellis Carr was named as his replacement. The c ...
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AARP
AARP, formerly the American Association of Retired Persons, is an interest group in the United States focusing on issues affecting those 50 and older. The organization, which is headquartered in Washington, D.C., said it had more than 38 million members as of 2018. The magazine and bulletin it sends to its members are the two largest-circulation publications in the United States. AARP was formed in 1958 by Ethel Percy Andrus, a retired educator from California, and Leonard Davis, who later founded Colonial Penn's insurance companies. It is an influential lobbying group in the United States. AARP sells paid memberships, and markets insurance and other services to its members. Overview AARP is a nonpartisan 501(c)(4) nonprofit that advocates for older Americans on a number of federal health and fiscal issues such as Medicare and Social Security, and at the state and local level for better community healthcare services and lower utility rates. It fights age discrimination ...
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NAACP
The National Association for the Advancement of Colored People (NAACP) is an American civil rights organization formed in 1909 as an interracial endeavor to advance justice for African Americans by a group including W. E. B. Du Bois, Mary White Ovington, Moorfield Storey, Ida B. Wells, Lillian Wald, and Henry Moskowitz (activist), Henry Moskowitz. Over the years, leaders of the organization have included Thurgood Marshall and Roy Wilkins. The NAACP is the largest and oldest civil rights group in America. Its mission in the 21st century is "to ensure the political, educational, social, and economic equality of rights of all persons and to eliminate race-based discrimination". NAACP initiatives include political lobbying, publicity efforts, and litigation strategies developed by its legal team. The group enlarged its mission in the late 20th century by considering issues such as police misconduct, the status of black foreign refugees and questions of economic dev ...
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Predatory Lending
Predatory lending refers to unethical practices conducted by lending organizations during a loan origination process that are unfair, deceptive, or fraudulent. While there are no internationally agreed legal definitions for predatory lending, a 2006 audit report from the office of inspector general of the US Federal Deposit Insurance Corporation (FDIC) broadly defines predatory lending as "imposing unfair and abusive loan terms on borrowers", though "unfair" and "abusive" were not specifically defined. Though there are laws against some of the specific practices commonly identified as predatory, various federal agencies use the phrase as a catch-all term for many specific illegal activities in the loan industry. Predatory lending should not be confused with predatory mortgage servicing which is mortgage practices described by critics as unfair, deceptive, or fraudulent practices during the loan or mortgage servicing process, post loan origination. One less contentious definition ...
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Secondary Market
The secondary market, also called the aftermarket and follow on public offering, is the financial market in which previously issued financial instruments such as stock, bonds, options, and futures are bought and sold. The initial sale of the security by the issuer to a purchaser, who pays proceeds to the issuer, is the primary market. All sales after the initial sale of the security are sales in the secondary market. Whereas the term primary market refers to the market for new issues of securities, and " market is primary if the proceeds of sales go to the issuer of the securities sold," the secondary market in contrast is the market created by the later trading of such securities. With primary issuances of securities or financial instruments (the primary market), often an underwriter purchases these securities directly from issuers, such as corporations issuing shares in an initial public offering (IPO) or private placement. Then the underwriter re-sells the securi ...
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Durham, North Carolina
Durham ( ) is a city in the U.S. state of North Carolina and the county seat of Durham County, North Carolina, Durham County. Small portions of the city limits extend into Orange County, North Carolina, Orange County and Wake County, North Carolina, Wake County. With a population of 283,506 in the 2020 United States census, 2020 census, Durham is the List of municipalities in North Carolina, fourth-most populous city in North Carolina and the List of United States cities by population, 70th-most populous city in the United States. The city is located in the east-central part of the Piedmont (United States), Piedmont region along the Eno River. Durham is the core of the four-county Durham–Chapel Hill, North Carolina, Chapel Hill metropolitan area, which had an estimated population of 608,879 in 2023. The Office of Management and Budget also includes Durham as a part of the Raleigh–Durham–Cary, NC Combined Statistical Area, commonly known as the Research Triangle, which had an ...
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