Milwaukee Professionals Association

COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS(CDFI)

A Focus on Community Development Banks, etc.

Campaign Neighborhood - CFNBA seeks to identify "what organizations" have been identified through their "MISSION", TRACK RECORD and "Application through the Department of Treasury" actually represent community development banks, credit unions, loan funds, venture capital funds, and microenterprise loan funds and others in the name of empowerment zones and enterprise areas of the City of Milwaukee.

IDENTIFICATION
Further, after identification, to identify the organization(s) with the model that best serve those they claim they serve. For example, specific identification of market niches unique to empowerment zone commercial neighborhood businesses, supporting/creating consumer education centers within the Inner City -- that is, ongoing information for credit-building, credit-worthiness, and wealth building -- saving/investment plans, co-ops, venture capital funding, budgeting, loan investment, updated information regarding the financial market).

CITIZEN OVERSIGHT BOARD
To provide a "Citizens Oversight Board" that provides a "LETTER OF ENDORSEMENT" which is based on CDFI Representatives' Mission, BOARD OF DIRECTORS AND their "up close" involvement with those they say they serve (through partnerships in neighborhood projects for quality-of-life and economic development) such as the Inner City stakeholders 10-point plan created by Campaign Neighborhood for the Smart Growth Initiative - State Statute 66.1001.

NEIGHBORHOOD LETTER OF CREDIT
That the "Neighborhood Letter of Credit" is a MUST for all applications for funding and ratings from the U. S. Treasury and the Federal Reserve Bank that represent Empowerment and Enterprise areas.

Below is the federal government CDFI FUND OVERVIEW.

CDFI Fund Overview
The Community Development Financial Institutions (CDFI) Fund was created to expand the availability of credit, investment capital, and financial services in distressed urban and rural communities.

The Fund was authorized by the Riegle Community Development and Regulatory Improvement Act of 1994, as a bipartisan initiative.

By stimulating the creation and expansion of diverse community development financial institutions (CDFIs) and by providing incentives to traditional banks and thrifts, the Fund’s investments work toward building private markets, creating healthy local tax revenues, and empowering residents. The CDFI Fund provides relatively small infusions of capital to institutions that serve distressed communities and low-income individuals.

The Fund’s activities leverage private-sector investments from banks, foundations, and other funding sources.

Since the Fund’s creation, it has made more than $534 million in awards to community development organizations and financial institutions.

CDFIs are specialized financial institutions that work in market niches that have not been adequately served by traditional financial institutions.

These CDFIs provide a wide range of financial products and services, including mortgage financing for first-time home-buyers, financing for needed community facilities, commercial loans and investments to start or expand small businesses, loans to rehabilitate rental housing, and financial services needed by low-income households and local businesses.

In addition, these institutions provide services that help ensure that credit is used effectively, such as technical assistance to small businesses and credit counseling to consumers. CDFIs include community development banks, credit unions, loan funds, venture capital funds, and microenterprise loan funds, among others.










COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS

http://www.ustreas.gov/contacts.html
http://cdfifund.gov/overview/index.asp

Posted by cfnba on 02/23/2004
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