Brianna Gavigan’s Post

Today marks the 30th anniversary of the #CDFI Fund, established through the bipartisan Riegle Community Development Act in 1994. This Fund has been instrumental in providing over $7 billion to Community Development Financial Institutions (CDFIs), supporting small businesses, affordable housing, and community development projects nationwide. With more than 1,400 certified CDFIs, these mission-driven institutions have invested over $216 billion since 2015, creating or retaining 5.3 million American jobs. Strategically placed in underserved areas, CDFIs focus on fostering economic development and job creation in communities often overlooked by traditional financial institutions. Key facts about CDFIs: ✅ Mission-driven to support underserved communities and foster economic development. ✅ Certified by the U.S. Department of the Treasury, enabling access to resources for their mission. ✅ Diverse institutions including banks, credit unions, and venture capital funds, each catering to different financial needs. ✅ Catalyst for change, leveraging over $100 billion in private sector investments since 1994. ✅ Support small businesses, especially minority- and women-owned enterprises, through microloans. ✅ Impact-focused on social and environmental outcomes like affordable housing and job creation in underfunded communities. These facts highlight the significant role CDFIs play in promoting economic inclusion and driving positive change in communities nationwide. #EconomicInclusion #CommunityDevelopment #CDFIs Asset Strategy

Who knows what a CDFI is and what they do? Admittedly, I had no clue until 2020. A CDFI or Community Development Financial Institutions provide access to financial products and services for local residents and businesses. Specifically focused on low-income communities and individuals that typically have minimal to no access to affordable credit, investment capital, or financial services.   CDFIs are made up of over a thousand private and public sector investors that support their communities. CDFIs come in 4 types: 1) Community development loan fund; 2) Community development venture capital funds; 3) CD banks; 4) CD credit unions. These institutions invest a combination of federal and private sector capital in economically disadvantaged communities. While mainstream financial institutions see risk in these areas, a CDFI sees an opportunity and a chance to rid businesses of predatory credit.   The access to fair and reasonable credit is not the only advantage. Business owners benefit from a closer lending relationship that results in lower charge offs in CDFIs. The CDFIs also engage with the communities to strengthen credit, educate, and drive business growth.   Where do CDFIs exist? Excellent question ... I recently received a link to the CDFI Market Map. You can view where CDFIs exist and more importantly, "CDFI Deserts" where the needs are not being met. Check it out to see how your area looks, maybe how you could help support the CDFI mission, or point a business in their direction. #capitisadvisors #fractionalCFO #CFO #smallbusinesses #finance #budgetyourbusinesspodcast

A Message from CDFI Fund Director Pravina Raghavan: Finishing 2024 Strong and Looking Ahead As 2024 draws to a close, Pravina Raghavan, Director of the Community Development Financial Institutions Fund (CDFI Fund), reflects on the year’s achievements and shares exciting plans for 2025.  The CDFI Fund has been hard at work advancing economic opportunity, with nearly $700 million in awards distributed across key programs like the Bank Enterprise Award (BEA) Program, CDFI Program, Native American CDFI Assistance (NACA) Program, and the Capital Magnet Fund. Additional milestones include:  - $5 billion in New Markets Tax Credits (NMTCs) allocated under the 2023 round.   - A record-breaking $498 million in guarantees under the Bond Guarantee Program for FY 2024.   - Updated tools and guidance to help CDFIs navigate the new certification process, with an early submission period open now through January 6, 2025.  Looking to the future, Director Raghavan shared plans for transformative initiatives, including:  - A new affordable housing program announced by Treasury Secretary Janet Yellen, designed to increase housing supply.   - A pilot grant program to support CDFIs in modernizing their technology infrastructure.   - A collaboration with the FHFA to expand access to Federal Home Loan Bank capital for CDFIs.  Other key highlights:  - BEA Program: $40.1M awarded to 171 institutions in FY 2024, with the FY 2025 round expected next fall.   - Capital Magnet Fund: $246M awarded to 48 organizations; next round opens spring 2025.   - NMTC Program: $10B in allocations planned for CYs 2024 and 2025.   - CDFI Bond Guarantee Program: Record $498M in FY 2024 guarantees issued.  This year also marked a special milestone—the 30th anniversary of the Riegle Act, which created the CDFI Fund. During the September Community Development Advisory Board meeting, Treasury Secretary Yellen reflected on three decades of impactful work, setting the stage for even greater progress.  #CDFIFund #Leadership #CommunityDevelopment #EconomicOpportunity #AffordableHousing #CDFI

Community Associations are not-for-profit entities, so earning as much as you can on your deposits is a great way to increase your reserves. From CDARS to Certificate of Deposits, Alliance Association Bank has deposit and investment tools to help you safely grow your community's funds. Learn more about your options here: https://bit.ly/4c89vpv #CommunityAssociations

Can't wait to share 'What is an Agricultural CDFI?', co-authored with folks from CA FarmLink. In the meantime, I wanted to share one very helpful reference about evaluating CDFIs for investments from the SF Federal Reserve Bank. Kudos to Sarah and Rocio in breaking down what is important and different about CDFIs. https://lnkd.in/eXfSUDkn #SFFRB #CDFIs #CAFarmLink #SarahSimms

Many intricate details are involved in running a CDFI credit union. One of the more common ones credit unions can run into - and is often misunderstood - is the definition of a 'material event' and what you must do when one occurs to ensure compliance with the Community Development Financial Institutions Fund (CDFI Fund). Read about it from our expert, Christine Duncan! https://loom.ly/xBocgws #creditunions #CDFIs #materialevent

We are calling on Congress for immediate action to increase funds in the FY 2025 Budget for the CDFI Fund: https://shorturl.at/nvCL0 🔹 CDBA requests a minimum funding provision of $341 million, with $40 million earmarked for the Bank Enterprise Award (BEA) Program. 🔹 The proposed budget of $325 million underestimates the growing demands of services provided by CDFIs. 🔹 CDFIs leverage each dollar of funding to up to twelve times that amount in private capital, vital for economic growth and closing the wealth gap. 🔹 CDFI banks are crucial in fostering job creation, business growth, affordable housing, and equitable financial services in underserved communities. Why It Matters: 🔹 CDFIs are pivotal in narrowing the wealth gap and providing genuine economic opportunities. 🔹In FY22, CDFI Program awardees reported 1.4M loans or investments totaling more than $53 billion, including financing for over 65k affordable homes & countless dreams. This figure represents just a portion of the CDFI industry's overall impact. Imagine the future we can build with $341M for the CDFI Fund in FY25. 🔹 The BEA program, with $642 million in grants since 1996, is a high-impact mechanism for directing resources to economically challenged communities. How You Can Help: 📝 Contact your representatives and urge them to support increased funding for the CDFI Fund and the BEA Program. 🌐 Spread awareness about the vital role CDFIs play in revitalizing underserved communities. Join us in advocating for robust funding levels to ensure continued support and growth of economic vitality in neglected urban and rural areas.  #CommunityDevelopment #EconomicEmpowerment #CDFIFund #BEAProgram #FinancialInclusion

🏛️ Big news from the CDFI Fund for 2025! The CDFI Fund recently announced key changes to its certification and grant programs for 2025, laying the groundwork for a more streamlined, impactful approach to advancing economic equity. Our latest blog breaks down everything credit unions need to know, including: ✔️ Updates to the CDFI certification process ✔️ Grant opportunities for 2025 and beyond ✔️ How credit unions can prepare to align with these changes Whether you're working toward certification or planning your next round of funding applications, now is the time to act. 🔗 Read the full blog here: https://lnkd.in/gFqzYjc4 What are your thoughts on the CDFI Fund's new direction? #CDFI #CreditUnions #CommunityDevelopment

The $341 million request in CDFI funding is modest relative to the size and scope of the CDFI industry - Today, CDFI banks alone have a portfolio of approximately $81 billion in loans outstanding - but it's a start. Most CDFI banks’ small business loans go to mom-and-pop businesses on Main Street. CDFI banks enable hardworking families to become homeowners. They finance affordable rental housing. CDFIs also enable growing charter schools to build facilities, support expansion of community health centers, and finance other economy boosting projects. The CDFI Fund is one of the Federal government’s best market-based strategies for leveraging private dollars to restore economic vitality - we strongly urge Congress to continue its bipartisan support of the CDFI Fund. 

THE AFFORDABLE HOUSING INDUSTRIAL COMPLEX IS BROKEN AND NOT WORKING FOR AMERICAN TAXPAYERS Veteran Housing Corp would ask every TAXPAYER to demand and get answers from their elected and appointed government officials the below questions as they relate to any affordable, workforce, or supportive housing project in your community! 1. How much local, state, and federal funding, tax credits, or other government benefits or incentives did the project receive? 2. What is the affordability period for each project? Is the affordability period permanent and in perpetuity? 3. What guarantees exist have your local, state, and federal government officials obtained in writing that rents will not go up or that tenants will not be displaced or evicted after the "affordability period expires? Every local, state, and federal housing authority and affordable or workforce housing stakeholder should adopt the State of Vermont's "permanent affordability" policy as a model for all future government funded or subsidized housing projects or developments, no exceptions! https://lnkd.in/eFEUC8c8 Additionally, local, state and federal housing agencies should look to the Helsinki, FINLAND MODEL of ending homelessness by providing affordable housing for all 'It’s a miracle': Helsinki's radical solution to homelessness https://lnkd.in/er9HZSQU Even the U.S. Department of Housing and Urban Development AGREES THAT adopting FINLAND'S MODEL OF ERADICATING HOMELESSNESS may be of great value to resolving the affordable housing and homelessness crises in America https://lnkd.in/gkSZWYRU