CDFI Fund Achievements and Impact Highlighted in 2013 Year in Review By Dennis Nolan, Acting Director of the CDFI Fund
This was originally published on the Treasury Department blog on Wednesday, July 2, 2014.
The Treasury Department's Community Development Financial Institutions Fund (CDFI Fund) today released its annual report, the "2013 Year in Review," which provides an overview of just how much has been accomplished and how wide-reaching and impactful the CDFI Fund's programs are. Titled "Investing for the Future, One Community at a Time," the report highlights a year of achievements for the CDFI Fund and the community development organizations it supports that focus on, among other things, fostering business growth, job creation, and revitalizing low-income communities. Last year, Community Development Financial Institutions (CDFIs) that received awards from the CDFI Fund and Community Development Entities (CDEs) that were allocated New Markets Tax Credits financed over 7,000 businesses, created or maintained almost 50,000 jobs and financed over 19,500 affordable housing units. These are just a few of the impacts realized from $6.8 billion in loans and investments made by CDFIs and CDEs nationwide that had a tangible effect in low-income communities across the nation. It was with an eye to the future that last year the CDFI Fund began a rigorous, evidence-based evaluation of our cornerstone CDFI Program to better understand its impact and to inform policy in the future. In 2013, we also launched the CDFI Bond Guarantee Program, which has the potential to transform the CDFI industry by injecting substantial new long-term capital into our nation's most distressed communities. Beyond just highlighting the broad story of the CDFI Fund's achievements supporting community development finance and generating economic growth in America, the 2013 Year in Review helps tell the story of how each CDFI and CDE certified, each business financed, each job created and each housing unit, daycare center, charter school, or health center developed represents a critical step in the transformation of one life, one family and one community. So, I invite you to take a look at the results in the CDFI Fund's 2013 Year in Review here. |
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