Community development financial institution

U.S. Treasury Grants CDFI Certification to UPI Loan Fund

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星期三, 五月 1, 2024
UPI, Food, Social change, Housing, African Americans, Certification, Community development financial institution, Treasury, The Black Wall Street, Health, Crump, Private law, Community development, CDFI, MCC, NEST, Service, Drug

PHOENIX, May 1, 2024 /PRNewswire/ -- The UPI Loan Fund  (UPILF) is pleased to announce its 2024 recertification as a Community Development Financial Institution (CDFI). This U.S. Department of Treasury designation recognizes UPI as a private financial institution providing low-cost consumer and business loans to underserved communities.

Key Points: 
  • PHOENIX, May 1, 2024 /PRNewswire/ -- The UPI Loan Fund (UPILF) is pleased to announce its 2024 recertification as a Community Development Financial Institution (CDFI).
  • The UPI Loan Fund was incorporated in 2004 and modeled on the Jewish Free Loan Program , which began in the 1940s.
  • "Because UPI Loan Fund takes social impact and community development into consideration, borrowers outline how their loan will benefit their community and contribute to positive social change," said Charmeachealle Moore, founder of ProLiving Inc .
  • "Through our CDFI certification and ever-expanding partnerships, UPI is working to close the racial wealth gap by cultivating financial empowerment within our community."

Excite Credit Union Opens Headquarters and New Branch in South San Jose

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星期二, 四月 16, 2024
State, Community development financial institution, Credit union, SIB, School, Dykstra, CPA, Community development, CDFI, San Francisco Bay Area, Organization, SAN, Bank

SAN JOSE, Calif., April 16, 2024 (GLOBE NEWSWIRE) -- Excite Credit Union proudly announced the official ribbon-cutting for its newest branch on Bernal Road, San Jose, will take place April 26.

Key Points: 
  • SAN JOSE, Calif., April 16, 2024 (GLOBE NEWSWIRE) -- Excite Credit Union proudly announced the official ribbon-cutting for its newest branch on Bernal Road, San Jose, will take place April 26.
  • President and CEO of the California and Nevada Credit Union Leagues, Diana Dykstra, will share remarks on the credit union difference and the impact Excite CU imparts on the local community.
  • It is the fourth Excite CU branch in San Jose, located in the same building as their California headquarters.
  • Unique across the Bay Area, Excite is a Community Development Financial Institution (CDFI), Low Income Credit Union (LICU), and Juntos Avanzamos-designated.

Alaska Power & Telephone Welcomes New Heat Pump Deployment Initiative to its Prince of Wales Island Service Area

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星期四, 五月 2, 2024
Other Energy, Environment, Utilities, Sustainability, Alternative Energy, Energy, DOE, Atmosphere of Earth, Community development financial institution, Partnership, Telephone company, Power, Tongass, AP, Tongass National Forest, Bear Lake (Idaho–Utah), Community development, Workforce, Atmosphere, Renewable energy

Alaska Power & Telephone Company (AP&T) is excited to announce that Spruce Root – a southeast Alaska non-profit and Community Development Financial Institution – was selected to receive a $2.5m US DOE grant for a heat pump deployment project for Prince of Wales Island.

Key Points: 
  • Alaska Power & Telephone Company (AP&T) is excited to announce that Spruce Root – a southeast Alaska non-profit and Community Development Financial Institution – was selected to receive a $2.5m US DOE grant for a heat pump deployment project for Prince of Wales Island.
  • The project, titled “Decarbonizing the Tongass with Tribally Owned Heat Pumps,” will be a multi-year initiative to add 240 air source heat pumps to residential homes in Prince of Wales Island communities.
  • Prince of Wales has an abundance of hydropower provided by the Black Bear Lake, South Fork, and Híilangaay hydropower projects.
  • The project will help reduce emissions, improving air quality within Prince of Wales communities, and the Tongass National Forest.

On the Road Lending Announces Expansion into North Carolina

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星期三, 四月 24, 2024
Other Consumer, Automotive, Finance, General Automotive, Banking, Professional Services, Philanthropy, Social Services, Consumer, Foundation, OTR, ROAD, Community development financial institution, Treasury, Road, Empowerment, Transport, Freedom, Community development

On the Road Lending, a nonprofit organization that launched in Dallas in 2013 to provide life-changing car loans, is expanding into North Carolina.

Key Points: 
  • On the Road Lending, a nonprofit organization that launched in Dallas in 2013 to provide life-changing car loans, is expanding into North Carolina.
  • “We are thrilled to bring our auto lending program to North Carolina,” said Michelle Corson, On the Road Lending’s founder and CEO.
  • On the Road Lending has already impacted one North Carolinian, Arnett G. He struggled to expand his business beyond local events without a car.
  • OTR FUND I, LLC is an impact investment fund that provides affordable loans to clients of On the Road Lending.

Boston Financial Ranked #1 Syndicator of Affordable Housing for Fourth Consecutive Year By NMHC

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星期三, 四月 17, 2024
Professional Services, Residential Building & Real Estate, Finance, Construction & Property, Urban Planning, Banking, Investment, Housing, Community development financial institution, Partnership, LIHTC, NMHC, CDFI, Orix, Property management

Boston Financial, one of the longest-standing syndicators of Low-Income Housing Tax Credits (“LIHTC”) in the U.S., has once again been ranked the largest LIHTC multifamily housing syndicator for the fourth consecutive year by National Multifamily Housing Council (NMHC) .

Key Points: 
  • Boston Financial, one of the longest-standing syndicators of Low-Income Housing Tax Credits (“LIHTC”) in the U.S., has once again been ranked the largest LIHTC multifamily housing syndicator for the fourth consecutive year by National Multifamily Housing Council (NMHC) .
  • “We are honored to once again be ranked as the largest syndicator of LIHTC homes by NMHC,” said Thomas Paramore, Head of Housing and Community Investments at Boston Financial.
  • “As the ongoing crisis in housing affordability continues to impact our communities, the need to develop impactful affordable housing has become even more immediate and critical.
  • In addition to a core Low-Income Housing Tax Credit syndication business, Boston Financial provides affordable housing preservation equity, impact funds, and U.S. Treasury-certified Community Development Financial Institution (CDFI) lending opportunities.

NeighborWorks Capital and National Equity Fund Announce LIHTC Equity Fund to Empower Partner Organizations

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星期二, 四月 16, 2024
Negotiation, Housing, Community development financial institution, Innovation, Partnership, National Equity Fund, Inc., Environment, LIHTC, NEF, Community development, CDFI, Organization, NeighborWorks America

CHICAGO, April 16, 2024 /PRNewswire/ -- NeighborWorks Capital, a national non-profit Community Development Financial Institution (CDFI), has partnered with National Equity Fund (NEF), a leading non-profit multi-family, affordable, real estate investment manager, to launch the NeighborWorks Capital Equity Fund. This first-of-its-kind equity fund will provide high-performing community-based non-profit organizations with a set of standardized, equitable Low-Income Housing Tax Credit (LIHTC) terms. The creation of this fund stems from NeighborWorks Capital's desire to provide NeighborWorks network organizations with access to equitable, consistent capital and NEF's aligned mission.

Key Points: 
  • CHICAGO, April 16, 2024 /PRNewswire/ -- NeighborWorks Capital, a national non-profit Community Development Financial Institution (CDFI), has partnered with National Equity Fund (NEF), a leading non-profit multi-family, affordable, real estate investment manager, to launch the NeighborWorks Capital Equity Fund.
  • The creation of this fund stems from NeighborWorks Capital's desire to provide NeighborWorks network organizations with access to equitable, consistent capital and NEF's aligned mission.
  • "The idea to create a LIHTC fund for NeighborWorks organizations came from my time leading a syndication business," said Jim Peffley, CEO of NeighborWorks Capital.
  • The NeighborWorks Capital Equity Fund allows us to provide partner organizations with LIHTC terms that will positively impact the development of more affordable housing across the country for families in need."

United Bank Modernizes Technology Stack, Drives Growth with Jack Henry

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星期四, 四月 11, 2024
Small business, CFDI, United Bank, Certification, Community development financial institution, Acquisition, Face, Community development, CDFI, JKHY, John Henry, Growth, Bank

MONETT, Mo., April 11, 2024 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY) announced today that United Bank selected Jack Henry to support its growth, modernize operations, and gain a competitive edge.

Key Points: 
  • Bank builds strategy to streamline processes, enhance retail and small business customer experience
    MONETT, Mo., April 11, 2024 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY) announced today that United Bank selected Jack Henry to support its growth, modernize operations, and gain a competitive edge.
  • United Bank needed a well-rounded and open technology provider to meet the needs of retail and small business customers and improve its lending and CFDI reporting.
  • The bank plans to continue its growth through a diversified approach, including organic growth, acquisitions, and geographic expansion.
  • "At Jack Henry, we take pride in helping banks like United Bank continue to serve their communities, especially amidst growing industry consolidation, and stay competitive and agile in the face of increasing consumer expectations and regulatory pressures."

JPMorgan Chase Increases Housing Affordability Commitments With Additional $20 Million in Philanthropy and Expanded Customer Offerings

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星期一, 四月 8, 2024
Residential Building & Real Estate, White House, Federal Government, Construction & Property, State, Local, Insurance, Finance, Banking, Professional Services, Philanthropy, Public Policy, Government, Fund Raising, Urban Planning, Personal Finance, DEI (Diversity, Equity and Inclusion), Other Philanthropy, Corporate responsibility, Element, Community development financial institution, Organization, Community development, Face, Chase, Country, Compass, Dreamaker, Partnership, Social mobility, Education, SPCP, City, Research, Policy, Acquisition, CFE, Family, The Urban Institute, Catapult, CDFI, UnidosUS, Housing, Investment, Urban, FSS, JPMorgan Chase, Economic development, HUD, Real estate

JPMorgan Chase is increasing its housing affordability commitments across the U.S. with expanded philanthropic capital and consumer lending products.

Key Points: 
  • JPMorgan Chase is increasing its housing affordability commitments across the U.S. with expanded philanthropic capital and consumer lending products.
  • “Healthy communities are integral to our business model, and affordable housing opportunities are vital to creating strong communities and building intergenerational wealth,” said Tim Berry, Global Head of Corporate Responsibility, JPMorgan Chase.
  • “The private sector has an important role to play alongside non-profit organizations and policymakers in advancing housing affordability, including increasing access to homeownership.
  • Delivering Impact with Organizations in Washington, DC and Across the Country
    Today’s philanthropic announcement builds on JPMorgan Chase’s $400 million five-year commitment to improve housing affordability and stability for underserved households.

Fintech Tricolor Recognized by BankingTech Awards as Finalist in Multiple Impact and Technology Categories

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星期四, 三月 21, 2024
Community development financial institution, Community development, FICO, Name, Transport, AI, Fintech, American Dream, CDFI, ABS, Treasury

DALLAS, March 21, 2024 (GLOBE NEWSWIRE) -- Tricolor Holdings today announced that it has been named a finalist in multiple categories at the Fintech Futures’ BankingTech Awards for its use of technology to advance financial inclusion and transform the vehicle buying experience for underserved Hispanics.

Key Points: 
  • DALLAS, March 21, 2024 (GLOBE NEWSWIRE) -- Tricolor Holdings today announced that it has been named a finalist in multiple categories at the Fintech Futures’ BankingTech Awards for its use of technology to advance financial inclusion and transform the vehicle buying experience for underserved Hispanics.
  • “We are excited to advance in this prestigious competition on the strength of our integrated, technology-driven retail and lending platform,” said Daniel Chu, founder and CEO of Tricolor.
  • “Improved financial health and access to affordable, reliable transportation are critical to setting more underserved Hispanics on the path to the American Dream.
  • Tricolor has been routinely recognized for its important work supporting consumers, including being named one of Inc. Magazine’s Best in Business in 2022.

Verity Credit Union's Successful Partnership with Zest AI Expands Credit Access to Underserved Communities

Retrieved on: 
星期四, 三月 21, 2024
African Americans, Community development financial institution, Organization, Community development, FICO, Partnership, Verity, Verity Credit Union, Puget Sound region, CDFI, HERE

SEATTLE, March 21, 2024 /PRNewswire-PRWeb/ -- Verity Credit Union, an $859 million asset financial institution in Seattle that champions socially responsible banking, announced today the measurable results of its partnership with Zest AI, the leader in AI lending technology. The two organizations came together in 2023 to establish a more inclusive process for reviewing applications for credit cards, personal loans, lines of credit, and auto loans.

Key Points: 
  • SEATTLE, March 21, 2024 /PRNewswire-PRWeb/ -- Verity Credit Union , an $859 million asset financial institution in Seattle that champions socially responsible banking, announced today the measurable results of its partnership with Zest AI , the leader in AI lending technology.
  • "Partnering with Zest AI supports our mission to co-create solutions and advocate for opportunities to grow generational wealth for all," said CEO of Verity Credit Union, Tonita Webb.
  • With the help of Zest AI's technology, Verity achieved notable increases in loan approvals for protected status applicants, who may not typically qualify based on traditional credit scoring methods.
  • "Our mission is to co-create solutions and advocate for opportunities to grow generational wealth for all," said CEO of Verity Credit Union, Tonita Webb.