Right Column

Community Development Resources

• Community Development at the FRBSF - From affordable housing to "banking the unbanked;" community development issues and initiatives.
• Center for Community Development Investments - The Center is dedicated to innovations in research and practice that increase the flow of investment capital to low- and moderate-income communities.
• Low Income Credit Unions

  National Credit Union Administration (NCUA) is an independent federal agency that supervises and insures over 6,500 federal credit unions and insures more than 4,000 state-chartered credit unions. Over 800 of these entities have been designated as "low-income" credit unions in that they serve primarily low-income members in distressed and financially underserved areas. NCUA manages a Revolving Loan Fund and provides technical assistance grants to low-income designated credit unions. Low income credit unions can receive capital treatment for secondary capital loans . NCUA's Credit Union Data webpage allows for a search of all low-income credit unions.

  National Federation of Community Development Credit Unions (NFCDCU) helps community development credit unions (CDCUs) provide affordable loans, secure savings, basic financial education and other vital services to low-income and minority consumers. NFCDCU serves as an intermediary for banks and thrifts interested in making deposits in CDCUs. www.natfed.org

• CDFI Fund Programs

  Bank Enterprise Awards Program - Through the Bank Enterprise Award (BEA) Program, the CDFI Fund supports financial institutions around the country that are dedicated to financing and supporting community and economic development activities. The BEA Program complements the community development activities of insured depository institutions (i.e., banks and thrifts) by providing financial incentives to expand investments in CDFIs and to increase lending, investment, and service activities within economically distressed communities. Providing monetary awards for increasing community development activities leverages the Funds dollars and puts more capital to work in distressed communities throughout the nation.

  Community Development Financial Institutions Program - Through the Community Development Financial Institutions (CDFI) Program, the Fund uses federal resources to invest in and build the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable financial products and services. The Fund provides monetary awards for financial assistance (FA) and technical assistance (TA) through the CDFI Program.

  New Markets Tax Credits - The New Markets Tax Credit (NMTC) Program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Substantially all of the qualified equity investment must in turn be used by the CDE to provide investments in low-income communities. The credit provided to the investor totals 39% of the cost of the investment and is claimed over a seven-year credit allowance period. In each of the first three years, the investor receives a credit equal to five percent of the total amount paid for the stock or capital interest at the time of purchase. For the final four years, the value of the credit is six percent annually.

  Native American Initiatives Program - In September 1994, Congress mandated that the CDFI Fund conduct a study of lending and investment practices on Indian reservations and other lands held in trust by the United States. Specifically, Congress mandated that the study identify barriers to private financing, identify the impact of such barriers on access to capital and to credit for Native peoples, and provide options to address these barriers. Since the November 2001 release of its Native American Lending Study, the CDFI Fund has embarked on a number of initiatives designed to overcome barriers preventing access to credit, capital and financial services in Native American, Alaska Native and Native Hawaiian communities (collectively referred to as "Native Communities"). Through these initiatives, the CDFI Fund provides direct monetary awards and training (through contractors) aimed at increasing the number and capacity of existing or new CDFIs serving Native Communities.

• Banking the Poor: Policies to Bring Low-Income Americans Into the Financial Mainstream University of Michigan Law School, The John M. Olin Center for Law & Economics Working Paper Series, 2004.
• Foreclosure Mitigation Resource Center (FRBSF) - Information on the Federal Reserve's efforts to mitigate the impact of foreclosures, including local data presentations and research reports.
• Community Investments Magazine (FRBSF)